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3026 Wolverine Dr, Ann Arbor, MI 48108, USA

Asking Price: $65,000

Great opportunity to own a townhome in Ann Arbor at a competitive price. Full basement with ample space. Close to downtown, University of Michigan campus, shopping and highways.

Property Description

Square Feet: 961

Bedroom: 2

Bathroom: 1

Year Built: 1964

Type: Condo/Coop

About Ann Arbor

Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. It is the state's seventh largest city with a population of 114,024 as of the 2000 Census, of which 36,892 (32%) are university or college students. The city, which is part of the Detroit-Ann Arbor-Flint, MI CSA, is named after the spouses of the city's founders and for the stands of trees in the area.

Ann Arbor is home to the University of Michigan, established in 1837. As the dominant institution of higher learning in the city and one of the top public universities in the world, the university provides Ann Arbor with a distinct college-town atmosphere. The university shapes Ann Arbor's economy significantly as it employs about 30,000 workers, including about 7,500 in the medical center. The city's economy is also centered on high-technology, with several companies drawn to the area by the university's research and development money, and by its graduates. On the other hand, Ann Arbor has increasingly found itself grappling with the effects of sharply rising land values and gentrification, as well as urban sprawl stretching far into the outlying countryside.

Economy – driven by the University of Michigan

The University of Michigan shapes Ann Arbor's economy significantly. It employs about 30,000 workers, including about 7,500 in the medical center.^[27] Other employers are drawn to the area by the university's research and development money, and by its graduates. High tech, health services and biotechnology are other major components of the city's economy; numerous medical offices, laboratories, and associated companies are located in the city. Automobile manufacturers, such as General Motors, Toyota, Subaru, and Ford, also employ residents.

Many high-tech companies are located in the city. During the 1980s, Ann Arbor Terminals manufactured a video-display terminal called the Ann Arbor Ambassador. Other high-tech companies in the area include Arbor Networks (provider of Internet traffic engineering and security systems), Arbortext (provider of XML-based publishing software), JSTOR (the digital scholarly journal archive), MediaSpan (provider of software and online services for the media industries), and ProQuest, which includes UMI.

Websites and online media companies in or near the city include All Media Guide, the Weather Underground, and Zattoo. Ann Arbor is also the site of the Michigan Information Technology Center (MITC), whose offices house Internet2 and the Merit Network, a not-for-profit research and education computer network. Ann Arbor is also home to the headquarters of Google's AdWords program—the company's primary revenue stream.

The city is the home of many research and engineering centers, including those of General Dynamics and the National Oceanic and Atmospheric Administration (NOAA). Other research centers sited in the city are the United States Environmental Protection Agency's National Vehicle and Fuel Emissions Laboratory^[32] and the Toyota Technical Center.

AvFuel, the nation's leading independent supplier of aviation fuels and services, is headquartered in Ann Arbor. Ann Arbor is also home to NSF International, the non-profit, non-governmental organization that develops what are considered the generally accepted standards for a variety of public health related industries and subject areas.

Borders Books, originally a two-room shop upstairs above 211 South State, was opened in 1969 with a stock of used books by brothers Tom and Louis Borders. The Borders chain is still based in the city, as is its flagship store Domino's Pizza's headquarters is near Ann Arbor on Domino's Farms, a 271 acre (109 hectare) Frank Lloyd Wright-inspired complex just northeast of the city. Flint Ink Corp., another Ann Arbor-based company, was until recently the world's largest privately held ink manufacturer (in October 2005, it was acquired by Stuttgart-based XSYS Print Solutions). Another Ann Arbor-based company is Zingerman's Delicatessen, which serves sandwiches, and has developed businesses under a variety of brand names. Zingerman's has grown into a family of companies which offers a variety of products (bake shop, mail order, creamery) and services (business education).

Many cooperative enterprises were founded in the city; among those that remain are the People's Food Co-op and the Inter-Cooperative Council at the University of Michigan, a student-housing cooperative founded in 1937. The North American Students of Cooperation (NASCO) is an international association of cooperatives headquartered in Ann Arbor. There are also three cohousing communities—Sunward, Great Oak, and Touchstone—located immediately to the west of the city limits.

Sample recent home sales in ANN ARBOR, MI (zip code 48108):

4770 LOHR RD 97: $445,000 on 2008-05-12 (COOP OR CONDO)
3481 CREEK DR: $149,000 on 2008-05-12
1409 MILLBROOK TRL 161: $137,500 on 2008-05-09 (COOP OR CONDO)
3470 WEXFORD CT: $212,500 on 2008-05-09
3448 BENT TRAIL DR 52: $185,000 on 2008-05-08 (COOP OR CONDO)
3044 WOODMANOR CT: $98,000 on 2008-05-02
4210 WESTBROOK DR: $305,000 on 2008-05-02
4697 BLOSSOM HILL TRL 59: $189,000 on 2008-05-01 (COOP OR CONDO)
1137 BICENTENNIAL PKWY: $325,000 on 2008-04-30
2070 BENT TRAIL CT 2: $134,500 on 2008-04-30 (COOP OR CONDO)

Ann Arbor has stable property value since 2003

Passive Income

While holding the property for potential capital gain in the future, the property could potentially generate about 8% of return per year through rental.

Rental Market Snapshot

Ann Arbor is ideal for rental market as it has a large number of tenants

Houses: 47,214 (45,674 occupied: 20,630 owner occupied, 25,044 renter occupied)

% of renters here:	55%
State of Michigan:	26%

As shown in the following 2 tables, since this property is an upscale 2-bedroom coop/condo, the rents for the property most probably would exceed $1000 per month