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House for sale

£50,869

Michigan, Wayne County, Detroit, USA Property ID: 41697851

Property description

This three bedroom house is located on a very well kept street in Warrendale on the Westside of
Detroit, the house is less than four miles from the University of Michigan Dearborn.
This property consists of three large bedrooms, one bathroom, a lounge diner, a full basement and a
large rear garden. The house has section 8 tenants in place paying $750 per month, this rent is paid
directly by the City of Detroit. The rent for this property should be $900 per month, the new Owner
could ask their management company to submit a rental increase on the next application.
Warrendale is right next to Dearborn on the Westside of Detroit. Less than five minutes away you
have the University of Michigan Dearborn and the Henry Ford College of Dearborn. The Fairlane
Town Centre which is one of the biggest malls in Detroit is only a few streets away. This property is
perfectly located for long term renting.

Investment Calculations

Purchase price

$59,900

Gross annual rental income:

$9,000

Property running costs:(Tax, insurance and management costs)

$2,900

Net annual rental income:

$6,100

Investment calculation - Net Income divided by Purchase price = NET ROI.

Return of investment

11%