This huge four bedroom house is amazing value at $41,900 and also tenanted..
This huge colonial house is located in Dexter-Linwood on the Westside of Detroit, Central High School, the oldest public secondary school in Detroit is only a 12 minute walk away. This property has four large bedrooms, a large rear garden and a large basement, there are also two bathrooms. This house is in a great condition and already has a tenant in place who are paying $675 a month. This house is under management by one of the leading Detroit property management companies and last sold in 2005 for $63,800
This property is located in Dexter-Linwood right next to the entrance of Boston Edison. Boston Edison is known as the Historic District and has some of the most expensive real estate in Detroit. Dexter-Linwood is also very close to the University District which makes it perfect for long term renting.
Purchase price: $41,900
Gross annual rental income: $8,100
Property running costs: $2,510
(Tax, insurance and management costs)
Net annual rental income: $5,590
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 14%