New Construction in Royal Oak MI
Hey everybody, Ive got a question about a deal I'm looking at in Royal Oak MI (48067 / 48073)...
Here are some of the specifics...
This would be a tear down/ re build deal. ARV is about 500k given a 2500 sqft new construction house.
I have heard that new build costs are about 100/sqft, is that accurate for this area? I have experience doing rehabs, but this would be my first new construction. If i could acquire the property for about 90k would this be a good deal? How long does it typically take to build a new construction in Royal Oak? I could take an educated guess at how long it would be once we were able to break ground, but i have heard that it could be up to 2 or 3 months before that could even happen... is that right? Anyone have any idea what the process is like to build a new construction in Royal Oak?
Sorry for the long winded question... anyone's thoughts on the matter would be greatly appreciated!!
thanks!