Which neighborhood in Detroit?

Question

Jan 2019, where in Detroit would you put 40 to 80K down for rental income and a little appreciation? Have never been to “the straight,” but plan on visiting. If you are investing here, please share. Thanks.

North End, Jefferson Chalmers, Fitzgerald, Virginia Park, Russell Woods, Highland Park, Martin Park, etc.

Tammy Lazere · Answer

@Bala Apparao

Thanks. I’ve noticed prices of rehabbed properties in East English Village are higher ($125,000) than its neighboring neighborhoods of Morningside and Cornerstone Village, the ones on Yorkshire, Bishop, Grayton and so on. How wound you compare EEV versus Bagley for appreciation? Roughly the same?

Bala A. · Answer

Have to be selective on where you buy.

I like Aviation Sub, Bagley, East English Village are just some of my favourites.

Feel free to drop me a line if you want more information or to discuss

Jamiel Strickland · Answer

@Tammy Lazere ,

Yes, a lot of the homes can take a big renovation. I am not into Dexter-Linwood at all for investing. You can buy homes cheap there but sometimes cheap isn't better.

Roy Gutierrez · Answer

I have one in the North End, it's absolutely up and coming, 5 rehabs in my street, unfortunately most houses on the market are total gut jobs and they're starting at 25k+ (depending on the size of the house) and you basically have to rebuild the house. Seems highland park has some streets nearby that seem to be decent for investors. Try to find which streets close to Boston Edison/Arden Park are nice ones to look at and see if you can find some deals in those streets.

Hai Loc · Answer

The block south of Marygrove College

Marygrove to Puritan, Kentucky to Roselawn..  preferably closer to the college

Once you go south of Puritan OMG..

Tammy Lazere · Answer

@Tammy Lazere. Here’s a question for my panel of experts, which neighborhood for a brick duplex, 17000 block on Santa Rosa Dr in Bagley or 1600 block on Glynn Ct one block north of West Boston Ave in Detroit? Similar potential rent and asking price and square footage. Please predict value change in 3-5 years.

Tammy Lazere · Answer

@Hai Loc

Thanks. I basically drive through these neighborhoods on the internet only through Streetview. Do you like Normandy? Princeton? I’m guessing north of Puritan would be good. What streets do you like in Fitzgerald? Between the two colleges?

Tammy Lazere · Answer

@Leo Furest

Thanks and yes because it’s always good to buy when it’s still low. And so south of the freeway and hovering around Woodward near Connecticut and California? As far as Buena Vista?

Tammy Lazere · Answer

@Gary Carver

Thank you. There are some rehabs in Bagley (the $10,000 one on Monica and the recent $1000 foreclosure auctions) that might have potential but it’s going to be a lot of work. What do you think might be a neighborhood to keep an eye out for the $25,000 sale price $10,000 update to rent out at $800?

Tammy Lazere · Answer

@Jamiel Strickland

Thanks. There was a rehab on sale for $50,000 but at the time I didn’t realize the value of Boston-Edison. It would have probably cost too much to bring it up to date. Recently one $100,000 rehab in BE was pending but you’d also probably have to put in another $100,000. I do like historic neighborhoods and that’s one of the reasons why properties in Detroit attract me more than the suburbs around its periphery.

Do you think Russell Woods and Boston-Edison, two of the more charming areas, could transform the Dexter-Linwood neighborhood between them?

Which neighborhood in Detroit?

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