This very nice large three bedroom single family home is located on a very well kept street on the Eastside of Detroit in Regents Park, right next to Harper Woods, the house is also only 1.7 miles from Harper Woods High School The property is in great condition and has three large bedrooms, one bathroom, a large lounge diner and a full basement.The house is currently being refurbished and will be supplied by the seller updated to a good rent ready standard. The works will be completed by the end of January. When completed the management company will place brand new tenants. The house should achieve $1,100 – $1,300 in rent each month. The tenants can be private or Section 8 This house is very well located on the East side of Detroit. The property is in Regents Park bordering on 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
$94,900
Gross annual rental income:
$15,600
Property running costs:(Tax, insurance and management costs)
$3,799
Net annual rental income:
$11,801
Investment calculation - Net Income divided by Purchase price = NET ROI.