This huge multi-family home is located in the most demanded area in the whole of Detroit, the area is called Bagely and it is right next to the entrance of the University District, the average list price for Bagley is $65,000 and this house is less than a six minute walk from the famous Marygrove College, it is also close to Bagley Elementary School, the University of Detroit mercy and Mumford High School. This property is divided into two very large two bedroom apartments, each apartment has its own entrance and both are well maintained. Both apartments are tenant occupied and the total rent is $15,600 a year. This property is under management by a great local management company.
This property is very well located on the Westside of Detroit, the area is called Bagley ,there are many schools and colleges in the local area including Margrove College, the University of Detroit Mercy, Bates Academy, Renaissance High and Bagley Elemenatry. It also right next to the famous Detroit Golf Club.
Purchase price: 59,900
Gross annual rental income: $15,600
Property running costs: $3,260
(Tax, insurance and management costs)
Net annual rental income: $12,340
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 21%