Detroit – $55,900

Net Return – 15%

Detroit – $55,900 Array, Array

55,900

Description

This three bedroom house is located in Von Steuben on the Eastside of Detroit just six minutes from the Belair Mall which holds host to the largest cinemas in Detroit. This area is surrounded by great schools and colleges in Detroit and is less than half a mile and walking distance to The Osborn College Academy. The property is in a great condition and has just been updated throughout to a Section 8 standard. There are three large bedrooms, a full basement and a large rear garden with a detached garage. There are new Section 8 tenants now in place paying $850 in rent each month. The monthly rent is paid direct to the landlord via the US Government.

This house is located in Von Steuben a great area in Detroit with a proud community feel, this area has great schools and lots of local amenities, it is near to The University district and is walking distance to The Osborn College Academy.

Property Details

• Three bedrooms.

• One Bathroom

• 884 sqft built.

• 4,356 sqft lot.

• Tenanted.

• Fully managed.

• Garden.

• Great location.

Investment Calculation

Purchase price: 55,900

Gross annual rental income: $10,200

Property running costs: $2,340
(Tax, insurance and management costs)

Net annual rental income: $7,860

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

Return on investment: 15%

Break even in 6.6 Years

Detail

Price: 55,900

Net Return: 15%

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