tomo logo

$625,000

Beds
4
Baths
2.5
sq ft
1,888

513 E Farnum Ave, Royal Oak, MI 48067

513 E Farnum Ave

Royal Oak, MI 48067

  • 63 days on market
Welcome to one of the more unique properties in Royal Oak. 2 houses on 1 parcel. Live in the main home while renting or Airbnb your back house. Main house is a 4 bed 2.5 bath Colonial with a big front porch. The 2nd home in the back is a small 1 bed 1 bath home that's currently tenant occupied. Perfect location for an investor looking to add to their portfolio or any owner occupancy looking to house hack.

Details

Property type

Single Family Residence

Est. home value

$328,900

Lot size

6,534 sq ft

Price per sq ft

$332

Year built

1925

Annual property taxes

$4,769

Price History

09/19/2024
Realcomp

Realcomp #20240070673

Listed
$625,000

Schools & Community

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

School district: 

Royal Oak

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$436,980
Asking price
$625,000
Closing costs (~8% of asking)
-$50,000
Est. remaining loan balance
-$138,020
Cash to seller
$436,980

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Homeward Residential Inc

Loan start date

January 2015

Original loan amount

$174,300

Est. remaining balance

$138,020

Interest rate

3.99%

Loan type

New Conventional, 30 year

Seller

Ronald Roy Wilner and Nancy Fishman

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

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Status: Active

Tomo last checked: 11/22/2024 at 3:30 AM

Listing updated: 09/24/2024 at 4:37 PM

Listed by: Jim Shaffer, Good Company Phone #: (248) 733-5811

MLS: Realcomp #20240070673

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