This Single-Family is located at Andover St, Detroit, MI 48203. This listing is NOT an active listing. Updates to this listing have stopped. This listing may be off the market. No further information is available at this time. It has 3 Beds, 1 Bath , 830 sqft of living space.
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This single-family property is available as a rent to own at Andover St. It has 3 bedrooms, 1 bathrooms, and 830 square feet of living space. Based on our analysis of the current market conditions in Detroit for Andover St and comparable listings, the estimated market value is still being calculated. If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Andover St are updated daily along with others in Detroit, Michigan.
The property located at Andover St in Detroit, MI is listed as a Rent to OwnRent to own properties like Andover St in Detroit, Michigan are ideal for homebuyers who are on the fence and not quite ready to go "all in" on a specific real estate investment. It's basically like taking a home for a "test drive," getting to know the neighbors, local school districts in Detroit, Michigan and community benefits (and drawbacks) before making the all-important decision to buy.
This type of real estate deal entails an agreement to rent a property with the option to purchase it at a predetermined date and price. Under some structures a portion of the rent paid during the lease period can be applied to the purchase price. Also, during the lease period, the purchaser/lessee can use that time to save for a larger down payment or fix personal credit issues. As a third incentive, the purchaser/lessee can move into the property, get to know it thoroughly, get to know the neighborhood, and either complete the purchase or walk away from it, if the property turns out to not be suitable for him. For the seller, the rent to own option adds value to the sale of the property and broadens the market for potential buyers.
Things to consider when structuring a Rent to Own agreement:
The Rent to Own agreement has many benefits for a real estate purchaser. If structured correctly it locks in today’s price for a future date. It allows the purchaser/lessee the opportunity to live in the property and get to know it and the surrounding neighborhood before actually taking title. This lease period also gives the purchaser time to improve their credit or save additional funds that can be applied toward the purchase price.
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