Slide 2:
North Lawn, Detroit, Michigan, USA Key Investment Property Details
Sale Price - $ 44,995
Market Price - $ 63,695
Property Ownership - Bank
Bedrooms - 3 Bedrooms
Built Up Area - 1,512 Sq. Ft.
Lot Size - 37 x 100 Sq Ft
Summer Tax - $ 3,755
Winter Tax - $ 380
1st Gross Year rental Yield - Up to 25%
2nd Gross Year Rental Yield - Up to 15% Interior / Exterior / Construction Information
Architecture - 2 Storey
Style - Colonial
Exterior Features - N/A
Garage - 2 Car Detached
Road Frontage - Paved
External Material - Brick
Foundations - Basement
Heating / Cooling - Radiant
Fuel Type - Gas Internal Property Room Information
Bedrooms - 3
Bathrooms - 2
MBR - 14 x 12 Sq. Ft.
BR2 - 14 x 12 Sq. Ft.
BR3 - 12 x 10 Sq. Ft.
LR - 23 x 13 Sq. Ft.
DR - 12 x 13 Sq. Ft.
KT - 12 x 10 Sq. Ft.
BFT - 08 x 07 Sq. Ft.
Slide 3:
Investment Property – Price Includes
Purchase of property
Legal Fees
Property Searches
1st Year Summer & Winter Tax
Title deed Insurance (one off payment)
1st Year Building & Liability Insurance
Title Deed Registration
Transfer of Tenancy Agreement
Property Refurbishments
Mayfair Group Costs
Total Cost to purchase - $ 44,995 Investment Property – Ongoing Costs
Below are the on going costs in year 2 and beyond:
Summer & Winter Tax - $ 4,135
Building & Liability Insurance - $ 950
Property Management Fees - 8% of Rental income Investment Property – 1st Year Rental Yields
Monthly Rental - $ 950
Total 12 Month Rent - $ 11,400
Management costs 8% - $ 912 PA
Total Net Rental - $ 10,488
Net Rental Yield - 23.3% Investment Property – 2nd Year + Rental Yields
Monthly Rental - $ 950
Total 12 Month Rent - $ 11,400
Management costs 8% - $ 912 PA
Summer / Winter Tax - $ 34,135
Building / Liability Insurance - $ 950
Total Net Rental - $ 5,403
Net Rental Yield - 12.0% Investment Property – Financial Breakdown
Internal Pictures of Northlawn Street :
Internal Pictures of Northlawn Street
Slide 5:
While each State in the US conducts real estate transactions to their own guidelines, the overall purchase process surrounding buying a property in the US is still quite similar to the UK. For the State of Michigan, your transaction will be conducted with the assistance of a US Lawyer and UK lawyer, working on your behalf. Once the purchase has ‘closed’ (completed) each property is registered in the name of your choice. After closing you will then receive a Warranty Deed, Free and Clear Title, Title Insurance and all related legal documentation.
Property Price - $ 52,995
STAGE 1: Securing/Pre Closing from the bank STAGE 1 TOTAL $ 5,300 (Property Secure Fee 10% Deposit)
The property will now be secured with your 10% reservation fee, and documentation for closing prepared
STAGE 2: Final payment to conclude the transaction with all work listed below payable with in 7 days of securing propertySTAGE 2: $ 47,695 (Outstanding balance)
Title charges cleared City tax Recording tax Title insurance Fee Bank charges First Year Summer taxFirst Year Winter taxConnection of utilitiesRefurbishment of Property internally and externally Occupancy certificate First year building and liability insuranceSourcing and placing tenant costs Closing / Reservation Process
Slide 6:
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Click here to Michigan city data Useful Links to External Sites Past performance is not necessarily a guide to future performance. The value of investments can be affected by movements in the exchange rate. The value of investments and income from them can fall as well as rise. Investors may not recover the sum originally invested when they sell their property. Mayfair Group invests in a specialist sector that may be less liquid and produce more volatile performance than broader investment sectors. The opinions expressed here represent the views of Mayfair Group at the time of printing and should not be interpreted as investment advice. Mayfair Group is not authorised to give investment advice, and only provides information on Mayfair Group's products.