This large three bedroom house is very close to Grandmont Rosedale on the Westside of Detroit, this area is just north of Dearborn which is one of the best areas in Detroit. The tenants are keeping the property in a great condition and are paying $650 rent a month. The tenant is Section 8 housing so the rent is paid direct to the landlord via the US Government. There are three large bedrooms, a full 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.
• 1,148 sqft built.
• 4,456 sqft lot.
• Tenanted.
• Fully managed.
• Local staff.
• Garden.
Investment Calculation
Purchase price: 39,900
Gross annual rental income: $7,800
Property running costs: $1,610
(Tax, insurance and management costs)
Net annual rental income: $6,190
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 16%
Break even in 6.25 Years
