This very large three bedroom house is located in Petosky – Otsego on the Westside of Detroit. The house is located only 5.7 miles away from Wayne State University, the largest University in Detroit. This property is in a good condition and has three large bedrooms, a large basement and a large rear garden. This property has tenants in place paying $700 rent a month. This house is under management by one of the leading Detroit property management companies.
This property is located in Petosky-Otsego which is famous for its large colonial properties, it is right next to the famous Russell Woods. It is also only a few miles from the University District where you will find some of the most expensive real estate in Detroit.
• Three bedrooms.
• Full basement.
• 1,421 sqft built.
• 3,484 sqft lot.
• Fully managed.
• Local staff.
Purchase price: $34,900
Gross annual rental income: $8,400
Property running costs: $2,281 (Tax, insurance and management costs)
Net annual rental income: $6,119
Investment calculation - Net Income divided by Purchase price = NET ROI.