Added On :
02 Jul 2022
£ 53,416 / € 61,021 / $ 62,900
This large three bedroom house is a rare find at $62,900..
This lovely three bedroom house is located in Grand River-St. Marys on the Westside
of Detroit, this area is just north of Dearborn which is one of the best areas in Detroit.
There are three large bedrooms, one and a half bathrooms, a full basement and a
nice garden with a detached double garage. The property has just been vacated and
the seller will complete a few minor cosmetic repairs after closing to bring the house
to a Section 8 rent ready standard. The management company will then place brand
new tenants when the new owner closes on the property paying $1,100 – $1,200 in
rent each month. The tenants can be Section 8 housing or private.
This property is very well located on the Westside of Detroit, the area is called Grand
River-St. Marys which is just north of Dearborn and only 1 miles and just a four minute
drive from the centre of Grandmont Rosedale. It is also close to Rosedale Park,
Belmont and Redford, all of which are very desirable areas on the Westside of
Purchase price: 62,900
Gross annual rental income: $14,400
Property running costs: $3,001
(Tax, insurance and management costs)
Net annual rental income: $11,399
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%
Break even in 5.26 Years