Updated 12 months ago on . Most recent reply
Any thoughts on Detroit, Mi and the surrounding Cities
Hi all,
Was just in Michigan for an extended stay and was wondering if anyone had any thoughts on the Detroit and the surrounding cities for possible long-term rentals or flips? Someone I met while visiting runs a construction crew up there so was wondering if anyone could shed some light on the market up there and what they are seeing. Would it be worth taking a deeper dive?
Most Popular Reply
It's absolutely worth taking a deeper dive.
I've been investing in Detroit proper since 2019 and have 12-doors there. I've done it all... buying tenant occupied, doing BRRRR's, section 8, doing full gut renovations, etc.
I also help clients do these things from out of state.
I lived in Troy (just outside Detroit) from 2017-2022 but I'm back in California now. Detroit is coming up big time, but it's still flying relatively under the radar.
Suburbs are getting increasingly expensive while the city is getting stronger and more attractive to move into. It all makes for an interesting dynamic that we've yet to see fully play out.
Detroit prices are up 2x in the last 5 years. And it's not slowing down. The Census came out and reported the first (modest) uptick in population in 2023 for the first time in nearly 70 years. So yes, it's still early here.
Happy to discuss more about the market with you or anyone else. I can also point you to a ton of resources if you'd like to do your own research.
