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Detroit · Single-Family Rental

A $30,000 house. A 75% return in under three years.

How Great Lakes PMG took a Detroit property from purchase to a $36,000 gain, with $34,000 in rent collected along the way, in under three years.

PROPERTY: 15xxx Inverness Street, Detroit, MI 48238  ·  HOLD: Sept 2023 – May 2026
75.1%
Total ROI
~28.1%/yr
Annualized Return
$36,237
Total Gain
$34,490
Rent Collected
1.75×
Equity Multiple
Acquired
Sept 2023
Purchase Price
$30,000
Total Invested
$48,253
Value Today
$50,000
The Situation

A $30,000 house, renovated and earning within weeks.

In September 2023, an investor acquired 15xxx Inverness, a single-family home on Detroit's west side, for $30,000. At that price it was not yet an investment; it was a house that needed a full renovation before it could collect a dollar of rent.

The owner wanted a Detroit rental that performed without the operational burden. Great Lakes PMG handled the renovation, placed a tenant, and has managed the property since, taking it from a purchase contract to a performing, income-producing asset within a single season.

"Bought in September. Renovated and leased before winter, and earning ever since."
The Execution

Purchase to performing, in a single season.

September 2023
Acquired, $30,000
Purchased as a distressed single-family home that needed a full renovation before it could be leased.
Oct – Nov 2023
Renovated and made rent-ready
A $13,966 initial renovation brought the home up to rentable condition within weeks of purchase.
November 2023, Today
First tenancy placed, current and performing
A tenant moved in by mid-November 2023 and remains in place. The tenancy has paid $34,490 and counting. The property is occupied, income-producing, and valued at roughly $50,000.
The Numbers

Every dollar in, every dollar out.

Actual figures from the purchase, the renovation invoices, and the rent ledger across the full 2.67-year hold.

Capital Invested

Purchase priceAcquired · September 2023$30,000.00
Initial renovationFull rehab to rent-ready condition · 2023$13,966.30
Repairs & turns sinceService requests & upkeep · 2024–2026$4,286.51
Total Cash Invested$48,252.81

Value Generated

Rent collectedCurrent tenancy · Nov 2023–present$34,490.00
Current market valueRenovated, occupied, income-producing$50,000.00
Total Value Realized + Held$84,490.00
Return on Investment

Strong on a conservative valuation. Stronger at market.

This deal is under three years old, yet the total return, counting the home the owner still holds, is already well into positive territory, before assuming a single dollar of market appreciation.

Conservative
Total return, home valued at cost + renovation
62.6%
$30,203 gain. Values the property at exactly what it cost to buy and renovate, zero appreciation assumed, and the deal is still up 63%.
At Market · Headline
Total return at the comparable-sales value
75.1%
$36,237 gain. Rent collected plus a $50,000 market value, less all capital invested. A 1.75× equity multiple.
Capital Recovered
Cash already returned through rent
~71%
$34,490 collected. Roughly 71 cents of every dollar invested has already come back as rent, in under three years, with the asset still owned.

Across a hold of just 2.67 years, the headline return works out to an average of ~28% per year. The property reached profitability quickly. It did not need a decade to prove itself.

Income Detail

Rent that showed up.

Disciplined tenant screening and active local management placed a tenant within weeks of the renovation and have kept the home occupied and earning ever since.

TenancyPeriodDurationRent Collected
Household 1 · currentNov 2023 – present~30 months$34,490.00
Total Rent Collected$34,490.00

In under three years the property has collected $34,490 in rent, roughly 71% of the entire capital invested, from a single, still-current tenancy.

Market Context

Why Detroit, and why now.

Detroit's long market recovery turned its single-family housing stock into one of the most accessible cash-flow opportunities in the country, for investors who pair a low entry price with a team that can execute on the ground.

Low entry cost
Single-family homes can still be acquired for a fraction of the cost in comparable U.S. metros, the basis advantage that drives long-run return.
Steady rental demand
Consistent demand for renovated, well-managed single-family rentals keeps turn times short and occupancy high.
Execution is the edge
The price gets you in the door. Renovation, screening, and management are what turn a cheap house into a performing asset.
The GL PMG Playbook

What produced this return.

The $30,000 purchase opened the deal. The four things below made it perform.

1
Acquire at the right basis
Buying well is the single biggest driver of long-run ROI. A disciplined entry price leaves room for everything that follows.
2
Renovate to the income standard
Rehab is scoped to make the home rent-ready and command solid market rent. Spending where it creates income, not where it just looks nice.
3
Place screened tenants, fast
A tenant was placed within weeks of the renovation, so the property started earning almost immediately rather than sitting vacant.
4
Manage for the full hold
Service requests, repairs, and upkeep, handled locally so the owner collects the return without the operational drag.

Your capital. Our market. The same playbook.

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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Great Lakes Property Management Group, LLC · Detroit, Michigan · greatlakespmg.com