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House for sale

£55,115

Michigan, Wayne County, Detroit, USA Property ID: 41708328

Property description

This very nice two bedroom house is located in La Salle College Park on the Eastside of
Detroit just 3 .4 miles from the Belair Mall which holds host to the largest cinemas in
Detroit.
This property consists of two bedrooms, two bathrooms, a lounge diner, a full basement
and a large rear garden. The house was recently updated before the new tenants were
placed, the tenants are paying $900 in rent each month. The current market rent for
Section 8 housing can reach up to $1,250 each month. The ARV for this property in this
location also reaches up to $110,000
The house is located in La Salle College Park a great area in Detroit with a proud
community feel, this area has great schools and lots of local amenities, it is right next to
the old Detroit city airport which is now the Coleman A Young International airport,
mainly used for business and military..

Investment Calculations

Purchase price

$64,900

Gross annual rental income:

$10,800

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

$2,725

Net annual rental income:

$8,075

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

Return of investment

13%