Three bedroom house

Full Description

This very nice three bedroom house is located on a very well kept street in- between Franklin Park, Grandale and Grantmont on the Westside of Detroit, just north of Dearborn. This property has three large bedrooms, one and a half bathrooms, a large basement, a detached garage and a large rear garden. The property now has Section 8 tenants in place. The rent of $800 each month is paid direct to the landlord via the US Government. The property is also under management with aigret local Detroit management company.

This property is located in-between Franklin Park, Grandale and Grandmont on the West side of Detroit. The house is only five minutes and 1.5 miles to the famous Rouge Park golf course. The property is also close to the University of Michigan and the Henry Ford College of Dearborn, this is the perfect area for long term renting.

Investment Calculation

Purchase price: 49,900

Gross annual rental income: $9,600

Property running costs: $2,450
(Tax, insurance and management costs)

Net annual rental income: $7,150

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 15%

Break even in 6.6 Years