This three bedroom house is located on a very well kept street in Park Drive, right next to the famous Harper Woods. The property is in a great condition and has a new tenant in place paying $675 a month, this property has three large bedrooms a full basement and very large rear garden. This property is currently under management by one of the leading Detroit property management companies.
Park Drive is an excellent location for long term rentals, it is right next to East English Village and Cornerstone Village and very close to Morningside, Harper Woods and Eastpointe, all of which are great areas in Detroit.
• Three bedrooms.
• Full basement.
• 760 sqft built.
• 5,097 sqft lot.
• Fully managed.
• Local staff.
Purchase price: $31,900
Gross annual rental income: $8,100
Property running costs: $2,760 (Tax, insurance and management costs)
Net annual rental income: $5,340
Investment calculation - Net Income divided by Purchase price = NET ROI.