Boston, MA · Member since 2008 · 149 posts · 57 votes
I see a bunch of incredibly cheap properties (under $10k for SFH) in Detroit. They are currently rented for about $600/mo and appear fairly close to downtown. I know that people were fleeing the city before, but with such tantalizing deals I am tempted to grab a few on a whim and see how they do!
What are your thoughts? Should I avoid Detroit? Anyone own property there?
Why Detroit? If price is a factor you can buy in many cities across the US for under 10k off the mls. But are you prepared to deal with consistent break ins, copper theft, broken windows, and vandalism? Not saying you cant do it I do it but it is not for everyone. Sure you can pick one up for 10k put 5k in it and rent it for 600$ but after two months they dont pay you need to evict and then deal with having a empty house that will get trashed and youll be rehabbing the house all over again. I might buy in Detroit but ONLY after personally seeing and driving the area, talking to other investors who are working there everyday, and having a good management company with good references lined up. Lots of people think it will be easy picking up a 10k house and renting for 600$ but unless your local the odds are set against you succeeding.
I was born in Ypsi-tucky. What area of Ypsi do you invest? I know Ypsi township has been hit hard. All through the Ecorse Rd corridor.
OTOH, I like the area of Ypsi right next to Ann Arbor down Wastenaw Ave. Also Pittsfield.
Romulus? The area southwest of the airport seems like it would be a good blue collar middle class rental area.
I'd avoid the area of Romulus north of the airport. Between south side of Vanborn Rd and Ecorse Rd, and btwn Wayne Rd and Middle Belt Rd. Might as well be Inkster.
Phil
Only someone from Ypsi would know Ypsi-tucky. I was born in Beyer hospital in Ypsilanti. Lived off of Ecorse and went to George Elementary. I ended up purchasing my childhood home that was a REO. I have 3 properties all in ypsi twp. E. Cross, Glenwood, and Fall River..all great rentals..paid 20-25k plus 8-10k rehab rented them within days. In Romulus I'm south of the airport close to middlebelt and pennsylvania..great area for middle class rentals.
I'm currently looking for multi's in washtenaw county with little luck.
Only someone from Ypsi would know Ypsi-tucky. I was born in Beyer hospital in Ypsilanti. Lived off of Ecorse and went to George Elementary. I ended up purchasing my childhood home that was a REO. I have 3 properties all in ypsi twp. E. Cross, Glenwood, and Fall River..all great rentals..paid 20-25k plus 8-10k rehab rented them within days. In Romulus I'm south of the airport close to middlebelt and pennsylvania..great area for middle class rentals.
I'm currently looking for multi's in washtenaw county with little luck
I too was born in Beyer. My mother grew up down the street on Mildred. My grandpa owned Meyer's diner on Mich ave in the 60's and was president of the ypsi lion's club.
My mom said that area down ecorse rd has been in decline since Willow Run closed down. Too bad.
Is that water tower shaped like a you-know-what on cross near EMU still standing? :-)
Only someone from Ypsi would know Ypsi-tucky. I was born in Beyer hospital in Ypsilanti. Lived off of Ecorse and went to George Elementary. I ended up purchasing my childhood home that was a REO. I have 3 properties all in ypsi twp. E. Cross, Glenwood, and Fall River..all great rentals..paid 20-25k plus 8-10k rehab rented them within days. In Romulus I'm south of the airport close to middlebelt and pennsylvania..great area for middle class rentals.
I'm currently looking for multi's in washtenaw county with little luck
I too was born in Beyer. My mother grew up down the street on Mildred. My grandpa owned Meyer's diner on Mich ave in the 60's and was president of the ypsi lion's club.
My mom said that area down ecorse rd has been in decline since Willow Run closed down. Too bad.
Is that water tower shaped like a you-know-what on cross near EMU still standing? :-)
:lol: yes that famous tower is still standing "stiff". The Ecorse area is still a strong rental area. Great place to pick up a 3/1 for less than 30k and rent it for $850-900. I know of three houses on Glenwood including mine that this has been done in the last 6 months.