6346 Farmbrook Detroit MI 48224
Lots of investors like the idea of guaranteed rental income. Getting a section 8 property like this one it’s the best way to secure returns in American rental property. This unit is situated in a well known area in the west side of Detroit, and produces $9,600 a year gross income on property that only costs $36,000.
This Beautiful property has 3 Bedroom 2 Bathrooms, the seller will place a section 8 tenant prior to close. Just finish refurbishment to very high standards.
Purchase Price: $36,000
Annual Rent: $9,600
Annual taxes: $1,680
Annual Management: $576
Estimated Insurance premium: $600
NET INCOME: $6,744
ROI (net cash on cash return) 18,73%
Projected sale price in 5 years $54,000
Combined return over 5 years $51,720
Combined ROI per year $10,344
Combined ROI % per year over 5 years 28.73%