This large three bedroom house is amazing value at only $33,900.
This large three bedroom house is located on a well kept street in Park Manor on the Eastside of Detroit. The property is in a good condition and has three large bedrooms a full basement and very large rear garden. The current tenants are paying $700 a month in rent. This house is under management by one of the leading Detroit property management companies.
This property is very well located in Park Manor on the Eastside of Detroit, this area is ideal for long term renting as it is in close proximity to Eastpointe, East English Village and Harper Woods, This area is surrounded by some of the best schools and colleges in Detroit including Harper Woods High School.
Purchase price: $33,900
Gross annual rental income: $8,400
Property running costs: $2,224
(Tax, insurance and management costs)
Net annual rental income: $6,176
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 19%