This large three bedroom brick house is amazing value at only $37,000.
This very large three bedroom colonial house is located on a very well kept street in Regent Park which is a great family area in Detroit. The property has three large bedrooms, a full basement and a large rear garden, the property also comes with a $2,000 refurbishment included in the purchase price, the refurbishment work will be completed within two weeks of closing. You will also receive a one month rental guarantee while the tenant is being placed, this will be paid to you on the day of the closing. This property is under management by one of the leading Detroit management companies.
This property is very well located, the area is called Regents Park and is close to Eastpointe which is a highly sought after area. It is also close to East English Village, Harper Woods and Grosse Pointe Woods.
Purchase price: $37,000
Gross annual rental income: $9,000
Property running costs: $3,071
(Tax, insurance and management costs)
Net annual rental income: $5,929
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 16%