This three bedroom brick built house is located in the highly sought after area of Aviation Sub, properties in this area can fetch up to $100,000. This is a quiet respectable area next to Dearborn and has a great community feel. The property has three large bedrooms, a full basement and a detached Garage. The property is currently going through the City Certification process by the current Owner, the City Certification is included in the price. City Certified properties are in very high demand as they are deemed a much more valuable asset particularly in good neighbourhoods.This property is also tenanted by a great long term tenant and is managed by a small local property management company.
Aviation Sub is seen as one of the best neighborhoods in Detroit, it was one of the first exclusive subdivisions built outside the city of Detroit. This area is next to Dearborn which is also viewed as one of the top areas in Detroit. Many residents of Dearborn have re-located to Aviation Sub due to its exclusive appeal.
Purchase price: 46,500
Gross annual rental income: $9,600
Property running costs: $2,433
(Tax, insurance and management costs)
Net annual rental income: $7,167
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 16%