This huge six bedroom multi unit brick house is amazing value at $37,000 with a 28% net return and $1,100 per month rent.
Garden, Basement, Fireplace, Off Street Parking
This huge multi-tenanted property is made up of two very large three bedroom apartments. This property is located in one of the hottest investment areas in Detroit, Virginia Park.This property is located close to Woodward Avenue where the new rail system is being built, it will only take 10 minutes by rail to get to Downtown Detroit. It is also very close to Wayne State University, and Midtown. Neighbouring duplexes have recently sold for over $50,000. This property has a long term tenant in the downstairs unit. We have included $5,000 in the purchase price to make the upper unit rental ready. Once the work is completed the upper unit will rent very quickly.Virginia Park is in high demand at the moment due to its close proximity to Downtown and Midtown, this property is close to everything, the Stadium, the Casino, the University, Comercia Park. If you want to buy in the heart of the action this is the perfect property.
$13,200 rent a year. $1,320 management fee. $1,586 taxes. $500 insurance. = 28% net return.