I have a property in the University Dist. under contract with a sell price of 55k, repairs at 35k, and ARV at 125k. Has anyone else here done fix and flips in that area?
That area is intact for Detroit.
Good to know. We are considering wholesaling it out.
That is not the University District... Thats Fitzgerald maybe Bagley.
Please do your fix and flip right. We had an out-of-state owner next to our duplex do a really janky fix and flip, and it’s still empty. No one wants to rent it with the shoddy work he put into it. Don’t cut corners. The UD is worth it. (I’ll climb off my soapbox now. :-)
Seriously whatever the ARV is, you can get it.
Per Christian‘s post, if the ZIP code is 48221, then it could absolutely be in the University District, or in Fitzgerald or Bagley. Some properties on the MLS have been advertised as being in the University District when they are really not. If it is west of Livernois or south of McNichols, it’s not in the University District.
The house is in University Dist. and near Bagley. Yes, I completely agree with you that the rehab has to be done right. The smallest thing can turn off a prospective buyer.
Let me know if you are interested in the property as I am still considering wholesaling it out. My contractor came back with 35k for repairs so we set it at 40k to account for contingencies. Still leaves at 24% ROI when it is all said and done.