How much do renovations cost in Detroit, MI?

Question

Hey there investors out there!

So I’m currently looking into buying my first real estate property in Detroit. I live in NYC and am very familiar with prices of renovations and labor costs here in NY. Since the NY market is different then all others, I was curious if anyone could share some figures with me. I’m potentially getting into a gut job situation and I need some hard figures so I can put together a budget.

How much does redoing plumbing and electric wiring cost? How much will redoing a 1 bedroom apt cost.

Any help is appreciated. Thanks guys

Jamiel Strickland · Answer

@Adam Adelman,

Makes sense, I would focus on the big stuff like plumbing, gutters, electrical because most Detroit homes are older. Then to make it appealing that won't break the bank are some LifeProof planks, nice bathroom vanity, and white cabinets. You don't have to overdo it but the ball is set so low for rentals in Detroit because average homes still have terrible floors and bathrooms for renters so you can make a difference just by making is safe and clean.

Jamiel Strickland · Answer

@Adam Adelman,

We can speak more but that really depends on what you're looking to do to it. Some people like to be very cheap with renovations because it's Detroit where I take a different approach and try to make mine on the nicer side compared to others here.

Adam Adelman · Answer

@Jamiel Strickland

That’s awesome. I’m just starting. Hoping to start work on my first property soon

Jamiel Strickland · Answer

@Adam Adelman,

Yes been investing here since 2016 and still working to grow!

John Teachout · Answer

Me no like flat roofs. They're more expensive to replace/repair than typical pitched roofs and seem to always be creating new ways to leak. I personally avoid them but that's easy as there's few residences with them around here. Mostly just commercial properties.

Drew Sygit · Answer

@Adam Adelman flat roofs are not fun! So many hacks do a poor job and you end up with future leaks.

Suggest you find a company that specializes in them and don't just go with a low-bidder. Make sure the company has been around for awhile so you can depend on their warranty. Then read and understand their warranty, so they can't screw you on it.

Adam Adelman · Answer

@John Teachout

Thanks for the advice! I’ve been making sure to look at the neighborhood around the properties so I’m not wasting money.

Do you have any experience replacing a flat roof? Any idea how much that would be?

John Teachout · Answer

If it's a land bank property, you may need to look the block over to see what's next door and across the street. Don't throw money down a well.

Adam Adelman · Answer

@Adam Adelman

Are there specific neighborhoods that you would recommend to invest in?

Adam Adelman · Answer

@Jamiel Strickland

Thank you so much for the advice. Basics first for sure. Have you been investing in Detroit for a long time?

How much do renovations cost in Detroit, MI?

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