HOA is on tenant/landlord in Detroit?

Detroit, Michigan
Buying & Selling Real Estate
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HOA is on tenant/landlord in Detroit?

Eyal Goren
Investor · Member since 2022 · 49 posts · 17 votes

I'm looking at a condo waterfront deal in Detroit.

The HOA is about $2500/month or even more, and I see rent for this area is about $1900. How can that make sense?

Asking - $140k

ARV - $300k

Rehab - $130k

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  • Wendy PattonBusiness Member
    Real Estate Consultant · Clarkston, MI · Member since 2009 · 864 posts · 350 votes
    11mo

    that is odd..... but normally the owner does pay the HOA in Michigan - however, it could be negotiable so i would check with the landlord on that one. As an investor, I would pay the HOA personally and have the rent increased. Once you start to charge the tenant the "owner" expenses it can get dicey if there is any issue for eviction etc.

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    11mo

    @Eyal Goren where are you getting the HOA fee from?

    Have NEVER heard of an HOA monthly fee that high in Metro Detroit!

    If from the MLS, it may be the annual fee, not monthly, or even a typo error ($250/month).

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