Updated almost 7 years ago on . Most recent reply
Detroit real estate????
Do you think that Detroit is a good starting market investment for a beginning real estate investor and can I succeed in that market?
Most Popular Reply
Detroit is a great area to invest but be cautious on location!! I focus on single family homes with great ROI typically around 15%. The city has a revitalization program for 7 specific neighborhoods try to focus on those locations. Typical purchase price for a tenant occupied home renting for $700-$800 a month is around $45,000.00. I am looking at some good appreciation, I expect about 30% appreciation over the next few years.
You can get higher ROI in other areas but they are considered "War Zones" and not ideal for investors. I have a few articles on the revitalization below :
https://www.freep.com/story/news/local/michigan/detroit/2018/05/07/how-detroit-plans-raise-130-m-invest-7-neighborhoods/585989002/https://nextcity.org/daily/entry/detroit-expanded-plan-to-spread-the-wealth-to-neighborhoods