This three bedroom colonial house is located on a very well kept street in Greenfield on the Westside of Detroit, the house is less than three minutes from Renaissance High School, which has been voted one of the best high schools in Detroit, it also just a few streets away from the highly sought after area of Belmont. The tenants are keeping the property in a good condition and are paying $850 rent a month. There are three large bedrooms, a full basement, a detached garage and a large rear garden. This is a fantastic rental property and is under management by a local property management company.
Greenfield is a great area right next to Grandmont Rosedale and Belmont. Grandmont Rosedale is viewed as one of the best areas in Detroit and has its own Development Corporation who take care of the local parks, tree- lined streets and local shopping area.
Purchase price: 44,900
Gross annual rental income: $10,200
Property running costs: $2,415
(Tax, insurance and management costs)
Net annual rental income: $7,785
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%