This large four bedroom colonial house is located on a very well kept street in
Outer Drive-Hayes on the Eastside of Detroit, the house is less than a mile and
only two minutes from Denby High School.
The house is spacious and consists of four bedrooms, one and a half
bathrooms, a full basement and a rear garden with a detached garage. The
property has good tenants in place that has resided in the house for 4 years. The
tenant pays $800 in rent each month. Properties in this location of this size
currently rent for up to $1,050 each month so should the tenant leave the rent
could be increased.
This house is located in Outer Drive-Hayes 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 East English Village and Morningside. The property is less than a mile and
walking distance from Denby High School one of the best schools in Detroit.
Purchase price: 73,900
Gross annual rental income: $9,600
Property running costs: $2,705
(Tax, insurance and management costs)
Net annual rental income: $6,895
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 10%
Break even in 10 Years