This very nice three bedroom house is located on a very well kept street on the Westside of Detroit, just north of Dearborn. The property is in a great condition and has very good tenants in place paying $725 per month. This property has three large bedrooms, two bathrooms, a large basement and a large rear garden. 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 house is under management by a local Detroit property management company.
This property is located in Warrendale and is right next to the famous University of Michigan Dearborn, of of the best universities in Detroit, it is also very close to the Henry Ford College of Dearborn, this is the perfect area for long term renting.
Purchase price: 42,500
Gross annual rental income: $8,700
Property running costs: $2,206
(Tax, insurance and management costs)
Net annual rental income: $6,494
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 15%