Updated almost 5 years ago on . Most recent reply
Detroit flip prospects
Hello to all.. first post but longtime reader. I'm in the middle of a renovation and would like some advice. House was listed three months but I haven't received any "solid" offers. Long story short, the property was renovated but only the interior and no appliances or furnace were installed. I wasn't comfortable listing unless property was turn key but followed the agents advice to list "as is". The few offers I got were 5-10k below the already lower than I wanted asking price. Property was market researched at 70k but agent listed for 49k. I would like to finish renovation (install furnace, water heater, and appliances) but I'm not sure if I'm sinking too much money into the property for flip or if I should hold on, complete the property, and find tenants. I have 37k invested so far and would like a decent return. Any opinions are welcome. It's multi-family (2:1 upstairs and 2:1 downstairs with an unfinished basement) located at 17204 Strasburg Street Detroit, MI 48205. Thanks in advance.