20440 Bramford Street Detroit

$56,000
SKU: 2145
Property type: House
Area (Sq Ft)
935
Bedrooms
3
Bathrooms
2

Financial Details

  • Est. Rent PCM: $756
  • Yearly Income: $9,072
  • Management: $907
  • Taxes: $946
  • Insurance: $500
  • Net Income: $6,718.80
  • Net Yield: 12%

Description

This traditional single-family home located at 20440 Bramford Street in Detroit has three bedrooms and one bathroom distributed on two floors. The property was built in 1938 and features arched doorways, a fireplace, hardwood floors, and bright spacious living areas. The exterior has a lovely covered porch, a fenced-in backyard, a garage, and parking for more than one car. The home has approximately 1,607 square feet with a lot size of 5,227 square feet.

The home is located in the residential community of Conner Creek which is known for its excellent schools, beautiful green parks, and diverse variety of restaurants, bars, and stores. Downtown Detroit is only a 20-minute drive away.

The property is currently tenanted by a Section 8 tenant.

What is Section 8?

Consistent Rent Payment by the Government

Section 8 is a government program that has provided rental assistance to low-income families, the elderly, and the disabled since 1937. Tenants apply for the program, and if they meet certain requirements, they are granted a housing voucher from the U.S. Department of Housing and Urban Development. This voucher allows the tenant to look for rental units within a certain price range that are inspected and approved by the local Public Housing Authority. 

The Public Housing Authority is responsible for paying the majority or all of the rent to the property owner or rental management company by check or direct debit each month. Renting to a Section 8 tenant, therefore, provides the advantage of receiving the rental payment consistently each month.

Section 8 tenants know that any violation of the terms of the lease agreement, including paying rent, could result in the loss of their Section 8 voucher. Therefore, they have a strong incentive to pay their portion of the rent each month.