This large three bedroom house is located in Brightmoor on the Westside of Detroit, this area is just north of Dearborn which is one of the best areas in Detroit. The tenants are keeping the property in a great condition and are paying $900 rent a month. There are three large bedrooms, a full basement and a large rear garden with a detached double garage. This is a fantastic rental property and is under management by a local property management company.
Property Details
• Three bedrooms.
• Full basement.
• 861 sqft built.
• 5,227 sqft lot.
• Tenanted.
• Fully managed.
• Local staff.
• Garden.
Investment Calculation
Purchase price: 46,900
Gross annual rental income: $10,800
Property running costs: $2,580
(Tax, insurance and management costs)
Net annual rental income: $8,220
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years