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Letitia Patterson-Investor Agent

Your Best Source for Metro Detroit Investment Property - 248-506-9426

By Letitia Patterson | Agent in Detroit, MI

Suburban Detroit Investor Deal Of The Day: $700/mo Turnkey under $30,000!?

Suburban. Rented. Long term tenant....This is going to be good.

Today's Deal of the Day is an excellent 3 bedroom Suburban investment property!

  • Great Area
  • Great Price
  • Excellent Condition
  • Moootivated Seller

Here are the Stats:

                              

20000 Block of Firwood Street Eastpointe Mi 48021 zip code

3 Bedroom Home
1 Bath
Turnkey- Rented at $700 a month (long term tenant)


Purchase Price: $28,000

Gross Annual Rental Income: $8,400/yr

Yearly Taxes: $1300/yr!! (are you kidding me?!)
Estimated Property Insurance: $700/yr (*varies based on # of properties insured)
Annual Property Management: $840/yr

Net Annual Rental Income:  $5,560


Looking good, let's do the numbers:

Gross Return on Investment: 30%

Cash on Cash Return: 20%


This is an excellent deal on its own, but WAIT....The Seller is Motivated. They need to sell now and can close quickly.  So, your rental income can start in less than 30 days.


Additionally, the surrounding area is safe and perfect for investment.

And the pièce de résistance?  The tenants want to stay and eventually purchase the home !


Boom :-)


Want to discuss purchasing this and other properties? Contact us now!


Good Luck and Happy Investing!

Letitia Patterson is a licensed Realtor in Michigan. She currently holds certifications as a Certified Investor Agent and Certified Foreclosure/Short Sale Resource.

She has sold hundreds of Investment Properties to Investors from all around the world and  loves helping them invest wisely for immediate cash-flow, as well as long-term gain. Letitia's mission is to help make Real Estate millionaires!


Letitia N. Patterson
(la-tee-sha)

Office: 248-905-1531
Cell: 248 506-9426
Email: myrealestateteam1@gmail.com


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Comments

By Nobo60188,  Fri Feb 22 2013, 18:09
Letitia, just sent you an email before running into your blog. Am interested in this suburb unit also. Let me know and thanks. Jack

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