This is a unique opportunity to enter the Detroit housing market at a very low entry price, it is now very difficult to find tenanted properties in Detroit at this price. This very large three bedroom house is very well located, the area is called LaSalle College Park which is close to Eastpointe and Harper Woods both of which are highly demanded. The property is in a good condition and has a new tenant paying $600 a month, the house is under management by one of the leading Detroit property management companies.
LaSalle College Park is a good family area in Detroit, there are great schools and very good local amenities. This location is ideal due to its accessibility to Downtown and its close proximity to expensive areas, such as Eastpointe and East English Village.
• Three bedrooms.
• Full basement.
• 1,376 sqft built.
• $ 7,200 Rent a year.
• Fully managed.
• Local staff.
Purchase price: $26,500
Gross annual rental income: $7,200
Property running costs: $2,332 (Tax, insurance and management costs)
Net annual rental income: $4,868
Investment calculation - Net Income divided by Purchase price = NET ROI.