Substantial 4 Bedroom Brick Colonial

5519 NOTTINGHAM STREET, DETROIT, MI, 48224

Detroit’s Morningside neighbourhood is home to one of the city’s largest and most organized neighbourhood clubs. The Morningside Club, organized by the neighbourhood’s resident’s work hard to keep the area well kept, giving the homes serious curb appeal. A prime example is this towering all brick, four bedroom Colonial. This area is surrounded by businesses including restaurants and retail shopping. On the southern border of Morning side are the Gross Pointes, some of the most affluent suburbs in the country. Two of the area’s most prominent hospitals, Henry Ford and Beaumont are located a short distance away. The major East/West thoroughfare in the area, Interstate 94, runs along the north end of the neighbourhood.

 

Nottingham-  PropertyPurchaseCosts	$	£*
TotalPurchasePrice(IncRenovation&Occupancy)	46,500.00	29,555.71
Title Searches	365.00	231.95
Total Property Purchase Costs	46,865.00	29,787.66
Simon Miller Property Sourcing/Admin Fee		1,500.00
Total Purchase Costs (inc fees)		31,287.66
First Year Additional Set Up Costs	$	£*
Set up ITIN Number & First Year Accounts***		Approx £320 inc VAT
1stYear Buildings Insurance	600.00	381.29
Total 1stYear Costs	47,465.00	31,988.95

 

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) (2,240.00)	6,863.24 (381.29) (25.42) (686.32) (1,423.49)

 

Annual Cash Profit	6,840.00	4,346.72
Return Net	14.59%	14.59%
Gross Yield	23.04%	23.04%

* 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.