10404 Somerset Ave, Detroit, MI 48224

The initial loan size, equal to your condo price: $89,000.

The monthly cost of borrowing, based on an annual rate of 0.07% (divided by 12).

Over 30 years, you’ll make 360 payments (30 years × 12 months).

Estimated monthly Homeowner Association fees: $0.

Yearly taxes of $1518, divided by 12 for a monthly estimate.

The income after operating expenses (e.g., management, maintenance, insurance), calculated as gross rental income minus these costs: $7,368.

The estimated property value based on recent sales of similar properties: $89,000.

The income after operating expenses (e.g., management, maintenance, insurance), calculated as gross rental income minus these costs: $8,820.

The estimated property value based on recent sales of similar properties: $89,000.

The property’s yearly income after operating expenses, excluding financing costs.

Includes your down payment plus additional costs like closing fees.

The property’s yearly income after operating expenses, excluding financing costs.

Includes your down payment plus additional costs like closing fees.

We start with 365 days, the total number of days in a year.

The percentage of the year your property is rented out: Hidden%.

Calculated as 365 days × occupancy rate (Hidden%).

The amount charged per day: Hidden.

Rented days × daily rental rate.

Typically 3% of rental income, plus additional fees like HOA or property-specific costs.

Gross rental income minus fees: $16,020.