This very nice three bedroom house is located on a very well kept street on the Westside of Detroit, just north of Dearborn. The property is in a great condition and has very good tenants in place. This property has three large bedrooms, one bathroom, a large basement, and a large rear garden The property has recently been updated and there is now Section 8 tenants in place. The rent of $900 each month is paid directly to the owner from the US Government. The house also is under management by a great local Detroit property management company.
Property Details
• Three bedrooms.
• One bathroom.
• 942 sqft built.
• 4,792 sqft lot.
• Tenanted.
• Fully managed.
• Local staff.
• Garden.
Investment Calculation
Purchase price: 47,900
Gross annual rental income: $10,800
Property running costs: $2,495
(Tax, insurance and management costs)
Net annual rental income: $8,305
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years