This fantastic two apartment multi family home is located in Grandmont Rosedale on the Westside of Detroit, this area is just north of Dearborn which is one of the best areas in Detroit. The property is split into two apartments. Both apartments have good Section 8 tenants in place. One tenant has resided in the property for 4 years and the other has resided in the property for 6 years. The total monthly rent of $1,450 is paid direct to the landlord via the City of Detroit. This is a fantastic rental property and is under management by a local property management company.
This property is very well located on the Westside of Detroit which is just north of Dearborn and only 0.6 miles and walking distance from the centre of Grandmont Rosedale. It is also close to Rosedale Park, Belmont and Redford, all of which are very desirable areas on the Westside of Detroit.
Purchase price: 94,900
Gross annual rental income: $17,400
Property running costs: $3.360
(Tax, insurance and management costs)
Net annual rental income: $14.040
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 15%
Break even in 6.6 Years