This large two apartment multi family house is located on a very well kept street on the
North West side of Detroit,
The property is divided into two large apartments, you have a large two bedroom
apartment downstairs and a large two bedroom apartment upstairs. The downstairs
apartment has been newly painted, an updated bathroom and a new water heater. The
apartment already has a tenant in place keeping it in great condition paying $650 in
rent each month. The upper apartment has just been refurbished including new
flooring throughout, updated bathroom and new lighting fixtures. The management
company will place a brand new tenant when the new owner closes on the property
paying $850 – $950 in rent each month.
This house is located next to Highland Park, just South of The University Distict, a
great area in Detroit with a proud community feel, this area has great schools and lots
of local amenities, it is just North of Dearborn one of the best parts of Detroit and only
7.6 miles to the centre of Downtown Detroit.
Purchase price: 85,900
Gross annual rental income: $19,200
Property running costs: $3,876
(Tax, insurance and management costs)
Net annual rental income: $15,324
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 18%
Break even in 5.5 Years