Ypsilanti Michigan - tell me about it

12 Replies

I usually stick to what I know and invest in Macomb and Oakland counties. I haven't been able to find what I'm looking for, so I started branching out to other areas. A property in Ypsi caught my eye, so now I'm researching the area.

Feedback is appreciated.

Ypsi is a typical blue collar town with a college campus. There are neighborhoods that are similar to Detroit and vice versa some really good rental areas.
I have 3 rentals in Ypsi and never had a problem (knock on wood).
Let me know cross streets and I can give you a pretty good thumbs up/down.

Hi @William Ware the area is just south of the Green Oaks golf course at Michigan and Ford. Thanks for the input.

if you'd like any additional insight, I'm an investor/licensed realtor with an office here in Ypsilanti. Best of luck. 

Originally posted by @Dakota Cooley:

if you'd like any additional insight, I'm an investor/licensed realtor with an office here in Ypsilanti. Best of luck. 

Hi Dakota

I'd love to get insight from an investor/realtor in the area. What can you tell me about the area? How's the local economy? Which direction is everything going? 

Thanks!

@Bryan H. , my buddies have been in the Ypsilanti market since we graduated from high school (30 years ago). They now own around 600 units and cater to the EMU market. They cash flow like a banshee but they rent out rooms rather than the typical SFH business model. The biggest challenge within the city limits, which is where you want to be to hit the college crowd, is the taxes. Ypsilanti has an 84 mileage rate on non-homestead properties. One of the highest I'm aware of in the area. The city is paying off a debt obligation on the Water Street project, that now has to be approaching $20M in outstanding bond debt.

If you're thinking Ypsilanti I'd go student rental. In the area you're looking, Ypsilanti Twp. You're still between 59-62 mils. and the assessments tend to run high.

Best of luck!

Originally posted by @Bryan H. :

Hi William Ware the area is just south of the Green Oaks golf course at Michigan and Ford. Thanks for the input.

Bryan

I have a rental on Fall River which is a few blocks down from the golf course. Great rental area where you can pick up a 3/1 for $35-$45k and get rents in excess of $800. A few rough blocks but all in all a decent area.

Like Geof said, the property taxes run a little higher here. But it is a great market for rentals-student or not. A 3/1ranch and finished basement, even in the worst parts of town, can be rented from 900-1100. I have a great management company of you ever needed.

As for the city itself, the economy took the hit from the recession harder than any city in washtenaw county-which is a thriving county. It lost a GM plant which killed a lot of manufacturing jobs back in 2005-2007. Eastern Michigan University has helped keep a steady of increase of jobs each year since the recession. 

Average home sales have went from about 95k in 2011 to 140k in the beginning of 2015. This month, to date, has averaged just under 150k in Ypsilanti/Ypsilanti township. 

About 40% of the population here is 18-24 years old. The employment to population ratio is sitting at about 68% where a thriving town like Ann Arbor, which Ypsilanti borders, is sitting around 77%. Overall it has been a steady rise in the city, but slower than the rest of the county. It makes for a terrific rental market-if that's what you are searching for.

Hope this helps. 

I am a new investor looking to house hack in the ypsi AA area. Would love some feed back as the the good and bad areas. It sounds like the best place to be is close to emu?

Adam-Ypsi/Ypsi Twp. as a whole is a great rental market-as it borders Ann Arbor and both Ann Arbor and Ypsilanti are big college towns. If I were looking for something myself, I would be hesitant in the couple blocks nearest the North side of I-94, above Ford Lake, and West Willow-which is a small neighborhood on the East side of Ypsilanti north of the lake.

Rawsonville Rd runs north and south on the east side of Ypsilanti and is the county border. East of Rawsonville Rd is Van Buren Township (which is where Wayne county starts). 

On an off note, Van Buren Twp doesn't require a rental certificate of occupancy.

Really useful feedback! Moved to Ann Arbor for grad school last year and looking at it as a potential buy-and-hold market (student rentals) after I graduate. My knowledge of Ypsi is quite limited but it does seem that property prices in AA is much higher. Anyone with knowledge of the market care to comment on the differences between the two? 

Originally posted by @Abhishek Banerjee :

Really useful feedback! Moved to Ann Arbor for grad school last year and looking at it as a potential buy-and-hold market (student rentals) after I graduate. My knowledge of Ypsi is quite limited but it does seem that property prices in AA is much higher. Anyone with knowledge of the market care to comment on the differences between the two? 

 friendly bump on this question

Hello my friendly Ypsi BPers. Can I get your thoughts on these properties?

https://www.redfin.com/MI/Ypsilanti/306-S-Prospect-St-48198/home/86403409

https://www.redfin.com/MI/Ypsilanti/785-N-Harris-Rd-48198/home/77501008

@William Ware @Dakota Cooley@Geof Greeneisen

Thanks in advance