Buy a Duplex not Stocks! Oak Park Michigan

[Flaviu Pop]

Nice Side by Side on 9 mile road, 4 minutes from downtown Ferndale. 2 units each with own entrance and private driveway. Both 2 bed/1 bath and full separate basements and new laundry in each basement. City Certified.

- Unit 1 New furnace, Unit 2 furnace 3 yrs old. New efficiency toilets in both, both units professionally painted including basements and new tiles in kitchens and new appliances in both kitchens. Refinished hardwood floors in both units with no carpet in sight. No other duplex for sale in this booming rental market in over a year. 

Unit 1: $1075/month with 18 month lease 

Unit 2: $995/month with 24 month lease 

Taxes: $4K 

Insurance: $900/yr

Utilities: $135/quarter water. All other utilities, lawn, snow, maintenance covered by tenants.  

What would you pay for this investment? $245,000 would be 8% cap.