This huge multi-family home is located in Petosky-Otsego on the Westside of Detroit right next to the famous Boston Edison. Petosky- Otsego is just 4.7 miles from the University District which makes it very popular for long term renting. This property is divided into two very large two bedroom apartments, each apartment has its own entrance and the two apartments were recently updated. Both apartments are tenant occupied and the total rent is $13,800 a year. This property is under management by one of the leading Detroit property management companies.
This property is located in Petosky-Otsego which is a great area in Detroit with many large colonial properties and right on the border of Boston Edison. It is also only a few miles from the University District where you will find some of the most expensive real estate in Detroit.
• Four bedrooms.
• Two apartments.
• 2,250 sqft built.
• 3,049 sqft lot.
• Fully managed.
• Local staff.
Purchase price: $47,500
Gross annual rental income: $13,800
Property running costs: $2,407 (Tax, insurance and management costs)
Net annual rental income: $10,593
Investment calculation - Net Income divided by Purchase price = NET ROI.