This large three bedroom house is located on the Westside of Detroit, this area is just north of Dearborn which is one of the best areas in Detroit. The property already has tenants in place keeping in great condition paying $800 in rent each month. The property has three large bedrooms, One and a half bathrooms, a large basement and a large rear garden. This is a fantastic rental property and is under management by a local property management company.
Property Details
• Three bedrooms.
• Full basement.
• 1,244 sqft built.
• 4,792 sqft lot.
• Tenanted.
• Fully managed.
• Local staff.
• Garden.
Investment Calculation
Purchase price: 39,900
Gross annual rental income: $9,600
Property running costs: $2,564
(Tax, insurance and management costs)
Net annual rental income: $7,036
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years