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Detroit · Single-Family Rental

A $35,000 house. A 53% return in under three years.

How Great Lakes PMG took a Detroit property from purchase to a $32,000 gain, with $27,000 in rent collected along the way, in under three years.

PROPERTY: 15xxx Woodingham Drive, Detroit, MI 48238  ·  HOLD: Sept 2023 – May 2026
53.4%
Total ROI
~20.0%/yr
Annualized Return
$32,128
Total Gain
$27,260
Rent Collected
1.53×
Equity Multiple
Acquired
Sept 2023
Purchase Price
$35,000
Total Invested
$60,132
Value Today
$65,000
The Situation

A $35,000 house, and a plan to make it earn, fast.

In September 2023, an investor acquired 15xxx Woodingham Drive, a single-family home on Detroit's west side, for $35,000. At that price it was not yet an investment; it was a house that needed work before it could collect a dollar of rent.

The owner wanted a Detroit rental that performed without becoming a second job, someone else to handle the renovation, the leasing, the screening, and the day-to-day. Great Lakes PMG took it from a purchase contract to a performing, income-producing asset, and has run it ever since.

"A good deal shouldn't take a decade to prove itself. This one was in the black before its third birthday."
The Execution

Under three years, two tenancies, and already profitable.

September 2023
Acquired, $35,000
Purchased as a distressed single-family home that needed a full renovation before it could be leased.
Late 2023
Renovated and made rent-ready
A $18,445 initial renovation brought the home up to rentable condition and prepared it to be placed on the market.
Jan 2024 – Jan 2025
First tenancy placed
A tenant moved in within months of the renovation. The tenancy generated $14,310 in rent.
Early 2025
Turned between tenants
A make-ready turn refreshed the home and prepared it for the next lease.
May 2025, Today
Second tenancy, current and performing
The current tenancy has paid $12,950 and counting. The property is occupied, rent-current, and valued at roughly $65,000.
The Numbers

Every dollar in, every dollar out.

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

Capital Invested

Purchase priceAcquired · September 2023$35,000.00
Initial renovationFull rehab to rent-ready condition · 2023$18,445.09
Repairs & turns sinceMake-readies, repairs & upkeep · 2024–2026$6,686.77
Total Cash Invested$60,131.86

Value Generated

Rent collected2 tenancies · 2024–present$27,259.68
Current market valueRenovated, occupied, income-producing$65,000.00
Total Value Realized + Held$92,259.68
Return on Investment

Strong on a conservative valuation. Stronger at market.

This is a young deal, under three years into the hold, yet the total return is already solidly positive, before assuming a single dollar of market appreciation.

Conservative
Total return, home valued at cost + renovation
34.2%
$20,573 gain. Values the property at exactly what it cost to buy and renovate, zero appreciation assumed, and the deal is still up 34%.
At Market · Headline
Total return at the comparable-sales value
53.4%
$32,128 gain. Rent collected plus a $65,000 market value, less all capital invested. A 1.53× equity multiple.
Capital Recovered
Cash already returned through rent
~45%
$27,260 collected. Roughly 45% of every dollar invested has already come back as rent, in under three years, with the asset still owned free and clear.

Across a hold of just 2.67 years, the headline return works out to an average of ~20.0% 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 kept the home occupied and earning across the hold, with only one short turn between leases.

TenancyPeriodDurationRent Collected
Household 1Jan 2024 – Jan 2025~12 months$14,309.68
Household 2 · currentMay 2025 – present~12 months$12,950.00
Total Rent Collected$27,259.68

In under three years the property has collected $27,260 in rent, roughly 45% of the entire capital invested, and it continues to earn every month.

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 $35,000 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
Disciplined screening and placement kept the home occupied and rent-current, with only one brief turn across the entire hold.
4
Manage for the full hold
Turns, repairs, and re-leasing, 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