This large three bedroom colonial house is located on a very well kept street in Crary on the Westside of Detroit, the house is just four minutes from the famous Grandmont Rosedale and right next to Belmont. This property is in a great condition and has three large bedrooms, one and a half bathrooms, a large basement and a large rear garden. The property has just been made rental ready and the management company will place brand new tenants when the new owner closes on the property paying $900 – $950 in rent each month.
This property is located in Crary on the desirable westside of Detroit, the house is just a few streets away from Belmont and only 1.2 miles from Grandmont Rosedale. It is also very close to the University District so it is surrounded by some of the best areas in Detroit.
Purchase price: 62,900
Gross annual rental income: $11,400
Property running costs: $3,170
(Tax, insurance and management costs)
Net annual rental income: $8,230
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 14%
Break even in 7.14 Years