Apartment Buildings in Detroit are MAD CHEAP!
I know some people on here have some opinions about detroit :::cough::: @Joshua Dorkin
A 39 unit building in Palmer Park is selling for 350K+. Another 140 unit building is selling in the low million just outside of detroit. I just got offered an engineering job that is seeking talent to expand operations outside of the state so from that standpoint it seems that jobs are comming back.
For an investor from New England, the prices are outrageous... in a good way. To buy a building like these even at subpar rents and to hold it for a decade if industry is coming back to detroit would be a good long term play in my opinion if the socioeconomic factors are trending in the right direction.
What do you guys think?