Three bedroom house Detroit, Wayne County, Michigan, USA 3 Bed Townhouse £38,958 | €43,386 | $52,900 Request a Currency Exchange Quote Here

This large three bedroom house is amazing value at $52,900..

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Property Attributes

Building Characteristics

Detatched

Property Features

Garden, Off Street Parking, Outside Space
Property Description ID:41573233

This very nice three bedroom house is located in The Eye on the Westside of Detroit, this area is just north of Dearborn which is one of the best areas in Detroit. This property is in a beautiful street, and consists of three large bedrooms, one bathroom, a lounge diner, a full basement, a large rear garden with a detached double garage. The house has long term Section 8 tenants in place paying $900 in rent each month. There is currently an application in process with CHMA to increase the rent to $1,050 Should the request be granted the rent will increase from an already good 16% to a very favourable 19% ROI

This property is very well located on the Westside of Detroit, the area is called The Eye which is just north of Dearborn and only a short walk to The Redford Union High School. The area is a very nice safe family orientated suburb, in fact the name “ The Eye “ was given to the community-organised watch group that formed in the 1980s to patrol the area day and night to keep it safe. It is also close to Rosedale Park, Belmont and Redford, all of which are very desirable areas on the Westside of Detroit.

 

Investment Calculation

Purchase price: 52,900

Gross annual rental income: $10,800

Property running costs: $2,356
(Tax, insurance and management costs)

Net annual rental income: $8,444

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return on investment: 16%

Break even in 6.25 Years

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