This fantastic three bedroom brick house is located on a very well kept street on the Eastside of Detroit in Moross-Morang, the house is also just .6 miles from Denby High School. It is also only two miles from the affluent area of Gross Pointe where you will find some of Detroits most prime real estate. The house has just been refurbished through with new carpets and paint, you have new windows, a new kitchen and a new bathroom, the house has been refurbished to a Section 8 standard.The are new Section 8 tenants in place paying $1,000 a month.
This house is very well located on the East side of Detroit. The property is in Moross- Morang next to Harper Woods. Properties in Harper Woods have increased dramatically over the last few years and is now beginning to influence pricing within the bordering areas. With rents almost equivalent to Harper Woods, this is a great opportunity to pick up a solid property with great capital appreciation potential in the coming years.
Investment Calculations
Purchase price
$78,900
Gross annual rental income:
$12,000
Property running costs:(Tax, insurance and management costs)
$3,200
Net annual rental income:
$8,800
Investment calculation - Net Income divided by Purchase price = NET ROI.