1 of 5

House for sale

£573,141

Michigan, Wayne County, Detroit, USA Property ID: 41701067

Property description

This fantastic unique opportunity to purchase a Detroit City certified brick built 8
apartment residence on a very well kept street in Harmony Village on the Eastside of
Detroit, the house is just 1 mile to Renaissance High School.
This property consists of eight spacious two bedroom, one bathroom apartments. Unit
6 has a private tenant in place paying $1,000 in rent each month. Units 1,2,4,5,7 & 8 all
have Section 8 tenants in place. The rents are $900, 3 x $950, 1 x $978 & 1 x $980 Unit
3 has just become available and the management company will place a brand new
tenant paying $900 – $1,000 in rent eacxh month.
This house is located in Harmony Village, a great area in Detroit with a proud
community feel, this area has great schools and lots of local amenities, it is close to the
University district and Bagley, two of the best neighbourhoods in Detroit and is also
walking distance to Renaissance High School.

Investment Calculations

Purchase price

$674,900

Gross annual rental income:

$92,496

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

$34,049

Net annual rental income:

$58,447

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

Return of investment

11%