This fantastic large three bedroom single family house is located on a very well kept street in Winship on the Westside of Detroit, the house is within walking distance to Renaissance High School. This property is on a beautiful street, and consists of three large bedrooms, one and a half bathrooms, a lounge diner, a full basement, a large rear garden. This house offers instant equity at this price, this house would appraise for over $100,000 looking at comparable properties for sale in this area. This house already has a tenant in place paying $800 per month, the average rent for a three bedroom property in this area $1,100-$1,200 per month so there is the potential for a future rent increase. This house is located in Winship, 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 $66,900 Gross annual rental income: $9,600 Property running costs:(Tax, insurance and management costs) $3,010 Net annual rental income: $6,590 Investment calculation - Net Income divided by Purchase price = NET ROI. Return of investment 10% Break even in 10 Years. This property is a House for sale.
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