I have an opportunity to buy some properties that were purchased from the last Detroit Auction, the list of properties and prices are below. Is there anyone in Detroit that can tell me which properties would be best to flip or which to stay away from? II do not know what the inside for each looks like currently but just for argument sake lets say each property is in the same shape and needs $20000 in repairs. Before I purchase a property on this list I will have a video shot for my due diligence and would be more than happy to share once I narrow it down.
17303 SANTA BARBARA,DETROIT, 48221 for $51000
10775 ROXBURY,DETROIT, 48224 for $14000
11390 ROXBURY,DETROIT, 48224 for $14000
2682 WEBB,DETROIT, 48206 for $19000
11331 MARK TWAIN, DETROIT,48227 for $23000
Thanks for the replies,
tough areas . With a great PM it could work .
Any particular insight on which street is the best of the worst?
Stay away from the ones that are in zip code starting in 48
Your first house, one just opposite on the same street, 17214 just sold for $38,500. It is a bit larger, says it needs work but didn't look bad in photos. Looking up and down that one street, the houses sell in the $40k range... I can't see that being a deal.
Your first Roxbury house, the few houses right around it sold for $3200-14,000 with one looking like it sold for $40k. Again no deal there.
The second Roxbury house shows sold houses of $9-50,000, with most being well below $50k. No deal once you factor in your costs, rehab and buying at $14k, unless it needs very little work to be worth the $50k area.
Webb st, looking at surrounding streets I see prices from $2k - $50k... not sure there's a deal.
Mark twaib st shows houses from $7800-$47k around it.
This is my looking for about 2 minutes, so don't take it as "gospel" however these areas have some very cheap homes. Who wants to pay $75k to live next to a $7500 house? I would spend a lot of time speaking with some really knowledgeable locals before making a move on any of them.
I live Downtown Detroit and I am new to house wholesaling , but I can drive by these homes and tell you what the neighborhood looks like and if I think it looks decent from the outside. I purchased a home from the auction a couple years ago and it was trashed on the outside but the neighborhood was still cared for so the investment was worth it. I think Santa Barbara is the best out of the group.
Thanks for taking the time to check some comps for me. WIth comps having such a large range it is tough to know what it would sell for. I will be sure to reach out to someone local and get a first hand look at these properties before I make the plunge.
Yes please, if you are in the area please let me know what the neighborhood is like. I appreciate it.
@Scott Carrillo these were simply hitting up recently sold homes on Zillow and looking at what the prices were on each street or around each house. I don't know SF, or if any of those houses were rehabbed. However with that said, this is work you could be taking on yourself. The internet is in no way shape or form the same as being on the ground there, but you can find out what similar sized houses are/were selling for in that area. I do this every day with houses I want to buy. Lots of investors have agents run CMAs for this, but if you don't have a local Detroit agent, I would get in front of a computer, set up a spread sheet or grab a pen and paper and start the "due diligence".
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