Consistent Steady Returns -PONTIAC, MICHIGAN - REMODELED RENTED!

[Chris Ramos]

PONTIAC IS ON FIRE! 

721 Scottwood St, Pontiac, MI 48340

PROPERTY DETAILS

Purchase Price: $59,800.00

Address: 721 Scottwood St, Pontiac, MI 48340

Bed: 3

Bath 1.00

Living Area (approx sq. ft.): 967

Parking: Off Street

Year Built: 1962

Lot Size (approx sq. ft.): 6098

AREA INFO:

*** PONTIAC CITY IS THE PLACE TO BE! The City of Pontiac is a manufacturing hub located just north of Detroit Michigan and is the County Seat of Oakland County. Along with three major hospitals several large companies have manufacturing facilities in Pontiac including General Motors, AT&T, and HP Enterprise Services. In 2008 the automobile industry crashed leaving several large commercial districts vacant in Pontiac. In addition, the Governor appointed an Emergency Financial manager to sell off the cities non-producing assets, to privatize almost all departments and to correct the decades of financial miss-management. NOW, the emergency manager has left, local control has been returned to the Mayor and City Council, and Pontiac is on a firm financial setting with a surplus for the 1st time in years. Home to the new M1 Concourse Pontiac is back on the map. With the completion of this classic sports car condo/racetrack/complex in the summer of 2016 hundreds of support jobs are being created as space is selling out fast. Downtown Pontiac is seeing major building renovations including a new live performing arts theater, several new restaurants, and loft development projects. 100’s of older homes have been demolished over the last few years, making way for new homes to be built and existing homes to rise in value. With employment opportunities small families are flocking to Pontiac. This influx of working families is causing a shortage of 2 and 3 bedroom homes creating high demand and low turnover for rental units.

REMODEL REMARKS:

REMODELED WITH NEW;

• FURNACE
• HOT WATER HEATER
• GUTTERS
• CARPET
• PLUMBING FIXTURES
• SHOWER SURROUND
• BATHROOM VANITY
• TILE KITCHEN FLOORING
• VINYL WINDOWS
• TWO TONE INTERIOR PAINT

MAINTENANCE FREE VINYL SIDING

EXCELLENT MANAGEMENT IN PLACE

CASH FLOW ANALYSIS

800.00 Monthly Rent

$9,600.00 Gross Rents
-$960.00 ((10%)) Property Management Fee
-$580.00 Taxes
-$ 0.00 Utilities
-$480.00 Minus Vacancy (5%)
-$960.00 Minus Repairs, Maintenance, City Fees, Etc. (10%)
-$288.00 Minus Leasing Fee (3%)
-$0.00 Lawn Care
-$500.00 Insurance

$5,832.00 Net Rents divided by

$59,800.00 Purchase Price equals

9.75% ROI

COMPS

Property Address	Purchase Price	Date Sold	Beds	Baths
96 W Ypsilanti, Pontiac MI	$82,500	10/09/2017	3	1
77 N Johnson, Pontiac MI	$65,000	09/28/2017	3	1