Looking for thoughts on Lansing, Toledo and North Detroit

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Looking for thoughts on Lansing, Toledo and North Detroit

Emma Lincoln
Investor · Vancouver, WA · Member since 2014 · 12 posts · 1 vote

I'm planning on moving 70% of my portfolio from OR / WA to the midwest. To start with, I'm looking to pick up 5-10 SFHs in a cash flow market. Trying to decide between Lansing, Toledo, and North Detroit (Warren area). 

Would love to hear from people who invest in one of these markets regularly and/or recently about why they would choose that market over the other two I listed.

Would also love to connect with any investors who would be willing to share actual numbers from a recent deal. I know there were killer deals in these places a couple of years ago, but want to make sure I'm understanding what recent deals are looking like. 

Thanks all! 

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Joe HammelBusiness Member
Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
4y

@Emma Lincoln

My most recent purchase in Warren MI, purchase price or $81k - needs some love then will rent for $1300. Cash flow and ROI monster. The $75-$110k price point with rents of $1000-$1400 is very prevalent here in metro detroit.

Previously the deals were buy for $50k and rent for $850. Great deal. Now, the deals are buy for $90k and rent for $1250. Still a great deal because rents are higher now too.

[email protected]248-422-1685
FIRE Realty Team - Keller Williams5379 Reviews
WebsiteView Page
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  • Troy DeLong
    Real Estate Agent · Lansing, MI · Member since 2020 · 170 posts · 91 votes
    5y

    Hey Emma. Lansing is a great place for cash flowing properties. Being the Capital of Michigan, there's tons of government jobs, two major hospitals, a community college, a law school and it's not far from Michigan State University. There are a lot of old properties here in Lansing and they can be great value add properties. I can't speak for Toledo or Detroit. 

    Why just SFH? Have you considered 2-4 unit properties? I'm a local agent but am really looking to stick with Investor clients. Would love to chat with you over call/FaceTime. I'd be more than happy to give you a couple references as well.

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  • Patrick Snyder
    Real Estate Consultant · Lansing, MI · Member since 2011 · 356 posts · 306 votes
    5y

    @Emma Lincoln

    I think you can do well in all three. Something you may want to do is compare some of the other costs associated with rentals. Property taxes can be pretty high in lansing, and there's also code compliance that requires your rentals to be registered, which most other cities do not have. Both of these might factor in to your decision.

    Troy is spot on regarding the tenant base, though. Plenty of supply if you choose the right property. Certainly reach out if want more info!

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    Just bought a SFR on Jewett St in Warren, MI for $76k and will rent it for $1200.

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
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  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 612 posts · 666 votes
    4y

    @Emma Lincoln

    My most recent purchase in Warren MI, purchase price or $81k - needs some love then will rent for $1300. Cash flow and ROI monster. The $75-$110k price point with rents of $1000-$1400 is very prevalent here in metro detroit.

    Previously the deals were buy for $50k and rent for $850. Great deal. Now, the deals are buy for $90k and rent for $1250. Still a great deal because rents are higher now too.

    [email protected]248-422-1685
    FIRE Realty Team - Keller Williams5379 Reviews
    WebsiteView Page
    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Joe Hammel - now you're just trying to outdo us:)

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    0Reply
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