This three bedroom house is located on a nice street in Hamtramck on the Eastside of Detroit, this area is close to both East English Village and Grosse Pointe. This property is in a great condition and it was recently updated, it has three large bedrooms, a large basement, a rear garden and a detached garage. This property has new tenants in place paying $800 rent a month. This house is under management by one of the leading Detroit property management companies.
Hamtramck has always been a popular area with investors due to its close proximity to Grosse Pointe Park, Jefferson Chalmers and East English Village. This property is only 6.8 miles from the Detroit Marina and eight miles from Downtown Detroit.
Purchase price: 38,900
Gross annual rental income: $9,600
Property running costs: $2,349
(Tax, insurance and management costs)
Net annual rental income: $7,251
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%