25% Annual ROI on SFR and Neighboring Duplex - $72,500

[Jeff Helm]

10 & 12 PERRIN STREET-RIVER ROUGE-MICHIGAN-48218

Single Family Home

∙ 10 Perrin Street: Two Story Single Family Home totaling 1270 sf approx.

3-Bedrooms, two full bathrooms (one on each level), full kitchen, dining room, living room, study/office, full basement w/laundry facilities and lots of storage space. Has detached two car garage, and wood front porch across front of house. Boiler with radiator steam heat. Hot water tank for domestic hot water.

Monthly rent: $795 Two car garage leased: $60 monthly

Total Monthly Income: $855

Duplex Income Property

∙ 12 Perrin Street: 2 story Building totaling 1700sf approx.

Two apartment flats each with two bedrooms, and one full bathroom. Each has private entry. Each flat has its own gas furnace and gas hot water tank. Full basement with laundry facilities and lots of storage space. No garage

Electric and gas utilities are metered separate per flat, water is one meter for house.

Apartment A monthly rent: $630 Tenant pays utilities.

Apartment B monthly rent: $650, tenant pays gas and electric utilities. Water is included in rents. Total Monthly Income: $1280

Yearly Income

Rents $25,620

Total$25,620 100%

Expenses

Insurance $ 1435

Building Repairs $ 408

Capital Reserves $ 75

Grounds Maintenance $ 315

Property Taxes $ 2906

Water and Sewer Fees $ 1940

Vacancy Allowance $ 325

Total $ 7399 29%

Net Operating Income $ 18,221 71%

CAP RATE: 25% on asking price of $72,500 Per sq ft. price: $21

Other Information

Situated right near Memorial Park along Jefferson Street in Wayne County

Standard lot sizes (3200 sf)

City water and sewers, and city refuse collection (included in taxes)

Improvements

2017: Major renovations to 10 Perrin include: two new bedroom closets with 6-panel bi-fold doors in bedrooms, new front porch, new kitchen, all new paint, some new electrical, new doors, nickel locksets, carpet and other floor coverings. Range and refrigerator included.

Renovations to 12 Perrin include: floor coverings, paint, counter tops, door locksets, and some new lighting fixtures. Range and new vented hood with lights included.