Detroit – $46,900

Net Return – 16%

Detroit – $46,900 Array, Array

46,900

Description

This large three bedroom colonial house is located on a very well kept street in Morningside on the Eastside of Detroit, the house is only a five minute walk to the Ronald Brown Academy. The property already has tenants in place keeping in great condition paying $800 in rent each month. The property has three large bedrooms, two bathrooms, a large basement and a large rear garden with a detached garage. Also the property will be delivered city inspected and certified within four weeks of the n ew owners closing on the property. This is a fantastic rental property and is under management by a local property management company.

This house is located in Morningside a great area in Detroit with a proud community feel, this area has great schools and lots of local amenities, it is right next to East English Village and Chandler Park. The property is just a five minute walk to The Ronald Brown Academy one of the best schools in Detroit.

Property Details

• Three bedrooms.

• Two Bathrooms

• 1,231 sqft built.

• 4,792 sqft lot.

• Tenanted.

• Fully managed.

• Local staff.

• Garden.

Investment Calculation

Purchase price: 46,900

Gross annual rental income: $9,600

Property running costs: $2,512
(Tax, insurance and management costs)

Net annual rental income: $7,088

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

Return on investment: 16%

Break even in 6.25 Years

Detail

Price: 46,900

Net Return: 16%

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