Superb 4 Bedroom Colonial

18615 EUREKA STREET, DETROIT, MI, 48234

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 property. 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. The major East/West thoroughfare in the area, Interstate 94, runs along the north end of the neighbourhood.

 

Eureka -  PropertyPurchaseCosts	$	£*
TotalPurchasePrice(IncRenovation&Occupancy)	43,000.00	27,699.63
Approximate Legal Fees	500.00	322.08
Total Property Purchase Costs	43,500.00	28,021.71
Simon Miller Property Admin Fee (£1,500+VAT)		1,800.00
Total Purchase Costs (inc fees)		29,821.71
Initial Additional Set Up Costs	$	£*
Set up ITIN Number & First Year Accounts**		Approx £330 inc VAT
Property Maintenance (Escrow Account) ****	300.00	193.25
1stYear Buildings Insurance (paid yearly in advance)	625.00	402.61
Total Initial Cost	44,425.00	30,747.57

 

On-Going Income vs Expenses	$	£*
RentalReturn (Year) Ongoing Buildings Insurance Bank Transfer Charges (Per Year)** Rental Management Fee Property Tax (Per Year)***	9,000.00 (625.00) (40.00) (900.00) (1,699.00)	5,797.59 (402.61) (25.76) (579.75) (1,094.45)

 

Annual Cash Profit	5,736.00	3,695.00*
Return Net	13.18%	13.18%
Gross Yield	20.68%	20.68%

Please note that figures and percentages quoted within this document are approximate. Property taxes quoted are based on most up to date information and may vary from final figures supplied via Title Company on closing statement. Whilst Simon Miller Property Investments take all appropriate steps to ensure accuracy of the figures supplied we cannot accept responsibility for any discrepancies therein.

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

**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.

**** The management company require $300 to be held in an Escrow account to cover any maintenance requirements on the property.