42 % Return on Rental Property in Warren, Michigan

[Jim Bowser]

Address is 8257 Packard, Warren 48089. 3/1 (Additional full bath in basement - needs work). 980 Sq. Ft. Full basement and detached 2 car garage. Fenced yard.

Long-term renter who has never paid late willing to sign long term lease at $800 per month. Renter has always done all repairs. Place in no immediate need for repairs. Recent city inspection: just needs to do some painting in kitchen, back hall and a handrail.

Out of state owner wants out. Has a fixed mortgage with balance of $32,500 with 6.25% interest, monthly payments (PITI) of 445.87 month. Mortgage matures July 2029. Mortgage always paid on time. Taxes and Water always current. Seller knows you are not assuming the mortgage and the risk.

Terms are purchase with Warranty Deed for $10,000 cash and take property subject to the mortgage. Buyer to pay all closing costs (Estimated at $1,150). You get all cash back within 2.5 years! A 42% Cash On Cash Return!!.

Photos: https://www.dropbox.com/sh/34zre38banfmrpu/AAD2ozIQLLaxvcJX_K_JHfQRa?dl=0

If interested, call Jim

[email protected]

(586) 242-6238