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House for sale

£80,591

Michigan, Wayne County, Detroit, USA Property ID: 41706427

Property description

This large three bedroom colonial house is located on a very well kept street in Harmony
Village on the Eastside of Detroit, the house is within walking distance to Renaissance High
School.
This property consists of three large bedrooms, one bathroom, a lounge diner, a full
basement and a large rear garden. The house has just refurbished to a Section 8 standard,
new Section 8 tenants will be placed by the management company after the new owner
closes on the property. The hoiuse should achieve $1,100 – $1,350 in rent each month with
Section 8 housing.
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

$94,900

Gross annual rental income:

$16,200

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

$9,756

Net annual rental income:

$6,444

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

Return of investment

19%