This large three bedroom colonial house is located on a very well kept street in Denby on the Eastside of Detroit, the house is only half a mile and just a short walk from Denby High School. The property is in a great condition and has just been updated throughout to a Section 8 standard. There are three large bedrooms, a full basement and a large rear garden There are new Section 8 tenants now in place paying $850 in rent each month. The monthly rent is paid direct to the landlord via the US Government.
Property Details
• Three bedrooms.
• Full basement.
• 1,255 sqft built.
• 5,227 sqft lot.
• Tenanted.
• Fully managed.
• Local staff.
• Garden.
Investment Calculation
Purchase price: 55,900
Gross annual rental income: $10,200
Property running costs: $2,378
(Tax, insurance and management costs)
Net annual rental income: $7,822
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 14%
Break even in 7.14 Years
