This large multi-family home is located in Robert Oakmans on the Westside of Detroit, just 3 miles from the University District. This house is made up of two very large two bedroom apartments each with its own entrance. The lower apartment has been made rental ready and there is $3,800 included in the purchase price to make the upper apartment rental ready, the work will be completed within 3/4 weeks after closing. You will receive a two month rental guarantee for both apartments while the work is being done and the tenants are being placed, the rent will be credited to your account on closing so you get all of the rent on the day you close.
This property is located in Robert Oakmans which is only 3.6 miles from the University District and only 2.9 miles from the famous Boston Edison Historic District.
• Four bedrooms.
• Two apartments.
• 2,458 sqft built.
• 4,356 sqft lot.
• Fully managed.
• Local staff.
• Great location.
Purchase price: $44,900
Gross annual rental income: $13,200
Property running costs: $3,338 (Tax, insurance and management costs)
Net annual rental income: $9,862
Investment calculation - Net Income divided by Purchase price = NET ROI.