I'm trying to make my first deal and have found a few potential properties in Warren, Roseville, and St Claire Shores. I have family in the area so I know it fairly well, and that's why I've focused on these markets
A few questions to people in this market:
-Are these cities easy to work with for rental and/or work permits?
-Is worth looking at 2/1's? (been only looking at 3/1+ to date)
-Is no A/C a deal breaker in the lower rent areas of these cities?
-Any opinions on Eastpointe? I know it's a large rental area but I don't know much about the niches in that city
I have a duplex in Roseville with a 1/1 and 2/1 tenants were easy to find. Lower end of the market 600 and 750 includes a basement(private on each side). Of course you deal with certain challenges in that price point. But you get fairly reasonable people if you offer a clean painted place with newer appliances.
Roseville was pretty easy to deal with, normal safety stuff for inspection. We did the first year with no AC but offered $75 towards an window unit at the tenants request. We have added AC since however and jumped rent $25/mo.
I'm not a fan of Eastpointe, I would say I would never buy there, unless a steal is a steal. Generally I feel values are flat, rents are average, and prices can be higher. Its not as bad as say Oak Park. But then again I have Detroit Properties and people say never there. Its all preference.
For your FIRST deal SCS and Warren would probably be great starts average to good schools depending on neighborhood, good police visibility.
I have property in all 4. Pretty much any area in SCS is good. Obviously you must buy at the right price though. Eastpointe has good spots and bad spots so be sure to do your due diligence on the specific area of the properties your considering in Eastpointe. All the cities you named I have done great deals in and continue to invest in. If I were to rate the cities on safety, schools, and "niceness" from best to worst I would say: SCS, North Warren, Roseville, Eastpointe, South Warren.
Hope that helps
Great feedback. Thanks!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing