Detroit – $31,900

Net Return – 23%

Detroit – $31,900 Array, Array

31,900

Description

This huge three bedroom colonial house is located in Grandale on the Westside of Detroit, close to the Detroit Institute of Technology. This property was only recently updated and has three very large bedrooms, a detached garage, a full basement and large rear garden. The property comes with great new tenants in place who are paying $700 a month in rent. This house is under management by a great local property management company.

This property is located in the heart of Grandale which is a large community in Detroit with many good schools and great local facilities. This house is located only 2.5 miles from the famous Grandmont Rosedale and two minutes from the I96 Express, one of the major Freeways in Detroit.

Property Details

• Three bedrooms.

• Full basement.

• 1,420 sqft built.

• 3,920 sqft lot.

• Tenanted.

• Fully managed.

• Local staff.

• Garden.

Investment Calculation

Purchase price: 31,900

Gross annual rental income: $9,600

Property running costs: $2,435
(Tax, insurance and management costs)

Net annual rental income: $7,165

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 23%

Break even in 4.76 Years

Detail

Price: 31,900

Net Return: 23%

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