Buy and Hold or Flip???

[Marisa R.]

Hi All

Would like to share this with fellow BP members.

This is a property I just purchased, this will be a buy and hold and look at perhaps flipping next year in spring time.

This was purchased for $61,000, with a rental estimate of between $1000-1100.

End values for a nice rehabbed home in this location will fetch around $150,000

Location is Bagley in Detroit, it is an up and coming neighbourhood with high demand, I expect prices to continue to rise. 

Gross rental return - 17%

[Oliver Simmons]

You have chosen a wise investment. Bagley is an up and coming community in the City of Detroit. Which was selected by the State of Michigan’s Opportunity Zone. I believe this home is located by the University of Detroit Jesuit High School.

I would not wait too long before beginning renovations. The market is always unpredictable. But you should see a great return regardless.

I would focus on the exterior landscaping and front entry. Nothing sells a home faster than curb appeal.

Good luck