Anybody investing in Taylor or Dearborn Heights, MI?

Question

Hello,

Our "investor friendly " agent  has suggested the Downriver or Metro Detroit areas. We are mostly interested in Taylor and Dearborn Heights. I am familiar with both cities but have been away for a while and not sure as to whether they are good for investing in.   We are seriously considering Taylor since there seems to be a lot of SFH's available that show potential for cash flow.  I am aware that there are differences in neighbourhoods but not sure which.  We will be visiting MI the end of April beginning of May to look at some properties.  Is there anything in particular to look out for? Any areas that would make for good investments? Thanks for any help in advance.

Joe Villeneuve · Answer

I'm very familiar with those areas (and others here in MI).  Both can be good, but not all micro-markets in those areas are.  If you're interested I can help you sift through the debris to find the areas you need to invest in...and avoid...in those two cities.

Stephen Meche · Answer

I have 1 property in Dearborn Heights and 1 property in Taylor.  You have to know the neighborhood, but both get good rent and I have great cash flow.

David Stevoff · Answer

Account Closed

I am very familiar with the downriver area. To sum up my feedback on the cities is below :

Taylor - You can get a great entry point and be all in for around 60-80k range. You have quite a few solid B neighborhoods in the city. Rents range from 800-1000 in that price range.

Dearborn heights - There are 2 zip codes here and that will make a big difference in price.

48127 Zip is more developed a lot of ranch style homes are knocked down and bigger 2 story homes are being built. This makes appreciation of a older ranch style home realistic. However in 48217 zip you are paying close to 120k-140k for a nice ranch home that will rent for 1200 range, real tight on the 1% rule.

48125 Zip will not appreciate as much but works a lot better with cash flow. You can see a lot of 3 bedroom ranch homes from 50k-80k all in that will rent from 700-1000 a month. However this is considered a flood zone area and insurance rates are a lot higher, make sure you calculate that into your ROI.

Being local helps but most downriver agents know the area very well and will guide you if you are out of state. Best of luck.

Account Closed · Answer

lol

Joe Villeneuve · Answer

I see you pm'd me.  I'll answer your questions there.

Inderjeet Harika · Answer

@Joe Villeneuve

Can you guide me on Dearborn, Taylor and other west Detroit markets. I am planning on visiting Michigan next month. If you can send me your email, we can discuss more details.

Thanks.

Account Closed · Answer

Thanks Joe,  yes I am interested.

Anybody investing in Taylor or Dearborn Heights, MI?

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