$1-5k Homes in Detroit
There are a number of 1-5k homes for sale in Detroit, MI. So they need a complete renovation from top to bottom. Some have fire damage, as well as a million other things wrong with them.
What I am wondering is if there are even investors who would want to deal with them? Is it even worth it to me to buy a place for 1-2k?
Most Popular Reply
@Chelsea Broersma I bought 21 of these junkers from 2009-2011. They were $1-5K back then and they still are today. They are on the worst streets and attract the lowest quality of tenants. Do not buy these. Cash flow on paper will never happen because in reality you will never collect 12 months of rent in a row and will spend heavy on cap-ex yearly.
If you must invest in (metro) Detroit, stick to $60K and above and more importantly rents at $1200/month/unit (SFRs in nicer neighborhoods)