Properties Near Detroit, MI
Hello everyone! I am a new investor, and I am looking for my first rental property (or two) in the Detroit area. I will be an out-of-state investor (I read all the warnings/cautions), but I have family near Detroit that I visit 3-4 times per year. Detroit also seemed like a good area to start out in, given the low prices and pretty good rent-to-price ratios.
Does anyone have properties near Detroit? Any advice on areas to avoid? Areas to look into?
I appreciate any and all advice. Thank you in advance!
Most Popular Reply
I live out west just past Ann Arbor. When you say Detroit are you thinking in the actual city of Detroit or the general area of southeast Michigan? Inside of pretty much anywhere in actual Detroit I would be very afraid to do out of state deals. Those areas are very fluid hence the reason for lots of deals. To be specific anything east of 24 and between 96 and 94 is still very bad.
I would recommend getting out into the suburbs a little bit. Livonia, Southfield, Farmington Hills would all be good areas. They have a wide range of housing but are overall good areas. I'm sure you could find good deals in that area.
Let me know if you need any more specific advice for the area.