Sharing with you a house that was rented in the last few days after a massive renovation. The house was purchased in southeastern Mich...
The house was purchased in southeast Michigan below the market price forNeed for rent.
Numbers:
Purchase cost $ 78K - Includes closing costs
Remodeling cost- $ 13K
Total price - $ 91K
Rental price- 1300 $
Annual expenses:
Structure Insurance: $ 789.50
Real property taxes: $ 2450
Estimated maintenance + Vcancy $1300
Management: $ 1560
Net annualized (expected) return before tax: 11.3%
A rule of thumb for me doing renovations:
In addition, I learned from the experience that when the house is high-level, most tenants sign a two-year lease and stay longer.
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