This fantastic three bedroom brick bungalow is located on a very well kept street on the Eastside of Detroit in-between Regents Park and Harper Woods, the house is also only 1.6 miles and five minutes from Harper Woods High School. The property is in a great condition and has just been updated throughout. There are three large bedrooms, a full basement and a large rear garden with a detached garage. The house has hardwood floors throughout, brand new windows and the roof was replaced recently. The house has good tenants in place paying $900 in rent each month.
This house is very well located on the East side of Detroit. The property is on the outskirts of Regents Park bordering on Harper Woods. Properties in Harper Woods have increased dramatically over the last few years and is now beginning to influence pricing within the bordering areas. With rents almost equivalent to Harper Woods, this is a great opportunity to pick up a solid property with great capital appreciation potential in the coming years.
Purchase price: 69,900
Gross annual rental income: $10,800
Property running costs: $2,449
(Tax, insurance and management costs)
Net annual rental income: $8,351
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 12%
Break even in 8.3 Years