Acquired
Dec 2017
How Great Lakes PMG turned a tax-auction property in Detroit into a 268% return, and eight straight years of rent, for an out-of-state owner who never lifted a finger.
In December 2017, an out-of-state investor acquired 18xxx Greenview Avenue, a single-family home on Detroit's west side, through a Wayne County tax-foreclosure auction for $10,000, all cash. It was the kind of property that scares off most buyers: a distressed Detroit asset, bought sight-unseen at auction, in a ZIP code that national headlines had spent a decade dismissing.
The owner had capital but no local presence, no contractors, and no interest in managing a rehab from another state. On its own, a $10,000 auction house is not an investment, it's a liability with a tax bill. It needed a team on the ground to turn it into an income-producing asset. That's where Great Lakes PMG came in.
No estimates on the income side. These are actual figures from closing records, repair invoices, and rent ledgers across the full 8.4-year hold.
| Purchase priceAll-cash · Wayne County tax auction · Dec 2017 | $10,000.00 |
| Initial renovationFull rehab to HUD inspection standard · 2018 | $20,000.00 |
| Repairs & turns sinceMake-readies, repairs & upkeep · 2018–2026 | $16,453.65 |
| Total Cash Invested | $46,453.65 |
| Rent collected3 tenancies · Section 8 · 2018–present | $91,362.00 |
| Current market valueRenovated, occupied, income-producing | $80,000.00 |
| Total Value Realized + Held | $171,362.00 |
A real-estate return isn't a single number. Here is how 18xxx Greenview performs whether the owner holds, sells, or simply counts the rent.
Across the full 8.4-year hold, that headline return works out to an average of ~31.9% per year, or a ~16.7% compound annual return on a conservative, money-weighted basis. Either way, every $1.00 the owner invested is now worth $3.69.
Detroit rentals carry a reputation for collection risk. Disciplined screening, Section 8 placement, and active management produced near-uninterrupted income for eight years.
| Tenancy | Period | Duration | Rent Collected |
|---|---|---|---|
| Household 1 | May 2018 – Feb 2020 | ~22 months | $16,221.00 |
| Household 2 | Apr 2020 – May 2022 | ~26 months | $19,970.00 |
| Household 3 · current | Oct 2022 – present | ~43 months | $55,171.00 |
| Total Rent Collected | $91,362.00 | ||
The property is currently leased at $1,300/month, about $15,600 a year, or 156% of the original purchase price in rent, every single year.
Detroit's recovery turned distressed inventory into one of the strongest cash-flow markets in the country. The investors who moved early, with the right local team, captured both the rent and the appreciation.
The $10,000 purchase made the headline. The four things below made the money.
Great Lakes PMG helps investors acquire, renovate, and manage cash-flowing Detroit rentals, start to finish. This is just one of 800+ real-estate deals we have managed over the past 20 years.
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