Looking in Royal Oak, Ferndale, Madison Heights, Clawson, Berkley
Hi all,
I'm a busy professional trying to buy my first rental property in the Royal Oak, Clawson, Madison Heights, Berkley and Ferndale areas - SFR or multifamily residential or commercial.
It is really hard to find anything that cash flows positive in these areas (I use 5% vacancy, 10% property management, $50/month repairs and $200 a month cap ex.). Even now amidst the pandemic its very difficult at least just by searching on the MLS.
Traditional financing is at 25% down and I'm still just breaking even on these it seems (going off zestimates for rent for quick ballpark).
Is it anybody making money in these areas? Any wholesalers working these areas?
Zip codes: 48067, 48068, 48069, 48071, 48072, 48073, 48017, 48220
-Matt