This very nice three bedroom house is located on a very well kept street in Franklin Park on the Westside of Detroit, just north of Dearborn. This property has three large bedrooms, one bathrooms, a large basement, a detached garage and a large rear garden. The property was recently inspected and has passed the City Certification process. City Certified properties are in very high demand as they are deemed a much more valuable asset particularly in good neighbourhoods The property has been updated and made rental ready and the management company has just placed brand new tenants paying $700 in rent each month. This is a great turnkey investment.
This property is located in Franklin Park and is right next to the famous Rouge Park golf course. The property is also close to the University of Michigan and the Henry Ford College of Dearborn, this is the perfect area for long term renting.
• Three bedrooms.
• One bathroom.
• 1,100 sqft built.
• 5,401 sqft lot.
• Fully managed.
• Local staff.
Purchase price: 34,900
Gross annual rental income: $8,400
Property running costs: $2,165 (Tax, insurance and management costs)
Net annual rental income: $6,235
Investment calculation - Net Income divided by Purchase price = NET ROI.