Substantial 3 Bedroom Brick Colonial

18400 HARTWELL STREET, DETROIT, MI, 48235

As the members of the neighbourhood block club will tell you, Blackstone Park is one of Detroit’s finest communities. Flowers and neatly trimmed bushes decorate the front lawns of this fashionable neighbourhood. This lovely 3 bedroom Colonial is a great example of why so many Detroiters adore this area. Perhaps the biggest advantage to living in Blackstone Park is the abundance of shopping and fine restaurants in the area. Minutes away you will find the Northland Shopping Centre, one of the largest malls in Michigan. Located right at the intersection of 8 Mile and the Lodge Freeway, the Casinos and nightlife of downtown are a short drive away. Schools serving this area include the Michigan Technical Academy and Bow elementary.

 

Hartwell-  PropertyPurchaseCosts	$	£*
TotalPurchasePrice(IncRenovation&Occupancy)	49,500.00	31,882.00
Title Searches	365.00	235.09
Total Property Purchase Costs	49,865.00	32,117.09
Simon Miller Property Sourcing/Admin Fee		1,500.00
Total Purchase Costs (inc fees)		33,617.09
First Year Additional Set Up Costs	$	£*
Set up ITIN Number & First Year Accounts***		Approx £320 inc VAT
1stYear Buildings Insurance	600.00	386.45
Total 1stYear Costs	50,465.00	34,323.54

 

On-Going Income vs Expenses	$	£*
RentalReturn (Year) Ongoing Buildings Insurance Bank Transfer Charges (Per Year)*** Rental Management Fee Property Tax (Per Year)****	10,800.00 (600.00) (40.00) (1,080.00) (1,600.00)	6,956.07 (386.45) (25.65) (695.61) (1,030.53)

 

Annual Cash Profit	7,480.00	4,792.72*
Return Net	15.0%	15.0%
Gross Yield	21.65%	21.65%

* Correct with Dollar to Pound exchange rate on date of calculation

** 14 day completion not guaranteed. Subject to transfer of funds, exchange and completion.

***PLEASE NOTE: You will be required to have an ITIN number in order to comply with USA Tax Law. We advise that a qualified accountant will put this in place. The above fees are approximate. This can take up to 3 months to set up, your first 3 months rent payment will be transferred at this point. We recommend quarterly rent payments due to the bank charges of $10 per transfer.

**** Final purchase price in sterling may be subject to change, dependant on dollar exchange rate at time of purchase and settlement of City and local taxes.