We are in the process of closing on a SFH in Livonia, close to Inkster and 96 (not on Inkster but a few blocks off).
Can someone guide what rent we can expect for a 1200sqft 3 bed 1 bath home? It has a 2.5 car garage, a full 800 sqft basement (semi-finished)?
I am surprised that Livonia has very few rentals compared to Ann Arbor or Ypsilanti,at this time there are only a few rentals to compare and they seem to range between 1150 and 1650.
I need to target ~1559-1600 for the numbers to work.
Can you please help let me know what i can target?
I have 13 rentals in Livonia. Send me the address and I'll tell u.
if u have north of Plymouth and south of the train tracks, u won't get 1600.
in fact, joy and Middlebelt to Inkster and train tracks, it's not 1600 unless they are like mine... Amazing
I love the Livonia area for rentals, great neighborhoods and usually a nice return. The person commenting above me probably has some better insight, but most properties I've seen in the South East side of Livonia average about 1300-1500. I've been struggling to find the right deals to make my requirements work lately as well. It's a very competitive market for real estate, so I'm hoping to find something off market for that area in need of rehab.
Thank you, Michael and George, for your feedback! We are deciding to pass on the property, due to the location and not being able to make the numbers work.
Are there other suburbs where we can target math like this
110-130k purchase, 10-20k reno, and target 1400-1600/month and in a location considered safe ?
Is there a specific reason you are targeting a monthly rent is 1400-1600? Or are you looking for a particular number for your cash flow? I would recommend to always keep your eye out for a great Livonia deal in the future, but another alternative that may work for you is Westland on the boarder of Livonia. Do your due diligence, but there are a few neighborhoods there that are actually in the Livonia school district, which is sought after. Livonia is a pretty competitive market from what I've seen, so many renters who can't obtain that Livonia city limits property will target those small neighborhoods of Westland to keep their kids in the same school district. I have one rental in this market at $1,400 a month right now. This could make us slight competitors now :P, but glad to help out a peer.
Michael- I don't care about a specific rent, just an example of what I am expecting from an investment of around 125k. Don't worry about me as a competitor, at best I might be able to purchase one property a year, we are thinking about this as a retirement investment.
Thanks for the idea of Westland and Livonia schools. I will look into that.
I was just kidding about the competitor thing, no worries. I only have the one property there, but it is going really well for me. I think you can find some gems over there closer to the 100k range in need of 10-30k rehab. I don't know of too many other areas with similar price points and rent rate near SE Michigan/metro Detroit, but I'm on the hunt.
Redford is another market to look into for rentals.