· 3 Bed, 1.5 Bath Detached Property
· Detached freehold property in sought after area
· House size = 1242 sq.ft
· Plot size = 3876 sq.ft
· Living Room, Dining Room, Sun Room and Kitchen
· Balcony off back Master bedroom
· Full Size basement and off road parking at front
· Rental return = 700-800 USD/month
This is an ideal location for excellent rental income and price rebound. This is a nice middle-class area with good local schools, North West of Detroit City. It’s close to all facilities such as schools, shops and is very close to the 2 Detroit University Campuses. The property is in good condition generally but will require some improvement (included in price). The photos below are before renovation but as you will see it benefits from having new windows recently installed. This house is in a popular area where tenants seek good value rental properties.
Prices are springing up from the absurdly low levels as local investors buy up such property, there are even bidding wars on many repossessions. Prices are now sharply on the up. There is no previous sale history for this property in the last 5 years but the current valuation is 95,000 USD. (Source – Zillow). Property tax is reasonable at only 2000 USD per year and this is expected to be lower next year as the government try and help out home owners. NET return is just below 12% which is an excellent return, not to mention the huge capital gains to be experienced as the market rebounds.
01/30/2011