This huge property is split into four very large two bedroom apartments. Each apartment has a kitchen, bathroom, living room and two large bedrooms, the basement area is shared by all four apartments.The property comes with a $10,000 refurbishment included in the purchase price, the work will be completed within 3/4 weeks after closing. You will receive a one month rental guarantee for each apartment 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 is one of the best rental properties to come on the market this year and is currently under management by one of the leading Detroit property management companies.
This large fourplex property is located in Von Steuben just 4.3 miles from the centre of Eastpointe. This area has a lot of renovation taking place and is close to Grosse Pointe, Denby and East English Village.
• Eight bedrooms.
• Four apartments
• 3,696 sqft built.
• 4,835 sqft lot.
• Fully managed
• Local staff.
Purchase price: $95,000
Gross annual rental income: $24,000
Property running costs: $4,450 (Tax, insurance and management costs)
Net annual rental income: $19,550
Investment calculation - Net Income divided by Purchase price = NET ROI.