Investment property Grand Rapids MI
Hello All,
Looking to invest in Grand Rapids MI on a SFR. My budget is between $150k to $200k. Hopefully something around $175k is ideal. Rent range between $1200 to $1400. I am thinking more of a buy and hold. Please let me know which neighborhoods I should be focussing on?
Chai
Most Popular Reply
@Chai Jonn You'll definitely be able to find something in Grand Rapids that meets those numbers. But, I would challenge you to look for a property that cash flows better than that, because I just don't think you're going to get a very good return buying a property for $175K and leasing it for $1,300.
Keep in mind that property taxes are high in Grand Rapids (close to 2%), landlords typically pay for water, and repairs and maintenance costs are higher in Grand Rapids than other areas because you're dealing mainly with properties built in the early 1900s that require a lot of upkeep. Plus, it looks like you'll be investing from out of state and may need to pay a property manager. If you're also borrowing to finance your investment, I think it's very likely you'll be cash flowing negatively with a purchase price of $175K and rents of $1,300 in Grand Rapids.