Investing in Detroit, MI
Hi BP Community,
I am new to the Detroit MI market area and will like to buy a Single-Family Home (SFH) as a long distant investor. One of the issues I am having as I conduct my research/ analysis is that I am not familiar with different areas, specifically blocks. Unlike my local market that the value of the property is driven by the zip code, I found this to be the opposite. With that been said, I am hoping that for those who have experience investing in the Detroit area I was hoping if you could please share with me how you were able to narrow your search to minimize your risk. Also, even tough I am targeting SFH homes, I will greatly appreciate if SFH is the right entrance in this market, and referral of realtors who have experience working with investors. (any feedback is greatly appreciated).
Regards,
Robert.
Most Popular Reply
@Robert Cooper Hi Robert. You're 100% correct that zip code is not a factor here. It's all about the neighborhood itself. To make things even more confusing, some neighborhoods have two different zip codes lol. The biggest factor in the area you choose is your price point and what type of tenants you are attracting (air bnb, students, section 8, etc). Feel free to reach out and I can get you some numbers on acquisition/expected rental rates.