8%+ ROI, Easy Long Distance Ownership in Van Buren Township, MI
Condominium in Van Buren Township (Belleville), MI
2 Bedroom / 2 Bathroom, 1050 sq ft, $87,000
For sale - condominium in Van Buren Township, MI, with long term tenant in place for three years. The condo is close to local shopping (Meijer, Walmart), 5 minute access to I-94 and I-275, 15 min to Detroit Metro airport, and continuing development in the area with an Aldi’s opening and Menard’s being built nearby.
No outside maintenance or outside CapEx required as all exterior (including roofs, siding, landscaping, snow removal, etc.) are included in monthly HOA fees. Biggest potential costs is the furnace/AC unit ($3,450 installed) and appliances (stove, refrigerator, dishwasher, washer and dryer included in unit and sale). Hot water heater replaced in last 24 months. HOA is investor friendly with no limits on investor owners or tenants, and over 50% of the condos are owner occupied. HOA fees also include water.
Rent is currently $1,025 per month. Recent rents in the neighborhood have been as high as $1,200 per month, so there is the potential for increasing income. Current tenant lease has 4 months remaining (July 17, 2018) until they are dues for renewal and tenants (young professional couple that has paid electronically on time for entire tenancy) is very interested in staying at least another year.
Annual Rents $12,300
Annual HOA Fees $ 2,820
Annual Taxes $ 1,165
Annual Insurance $ 250
Annual Prop Mgmt $ 984
Annual Income $ 7,081 (all numbers actuals)
These condos represent an excellent opportunity for an absentee landlord with local management company or a local landlord that wants to self-manage. The condos need a low level of involvement as the HOA covers many areas of concern such as the grass being cut and snow shoveled.
Please contact me directly if interested. Two years of financials available to qualified buyers. Brokers welcome.
Joe Semifero
734-604-5871