Investing in SFHs in Redford, MI
For those who invest in the Redford area, what are your thoughts? I've been looking for my first rental property in Redford/Taylor areas and Redford seems like a good area as far as the numbers - cheaper single family houses (<150K) and higher rents. How is Redford outside the spreadsheet? Are there areas (west/ east of telegraph or north/south of 96) to avoid? Or areas that thrive? Good/Bad neighborhoods?
Let me know your thoughts!
#4 All Forums Contributor
- Plymouth, MI
Redford has been one of my areas to invest in over the years. The great thing about it is it's very consistent, and ever changing, at the same time. Redford, for those unfamiliar with it, is 2 miles wide, and about 5 miles tall (N/S). To the East is Detroit, and the West Livonia (much better than Detroit). Redford is divided up into South Redford (better section), and North Redford (Redford Union)...with those two different school systems and zip codes. Redford's name came from a Ford Plant on the Rouge (red) River. (How creative, LOL...ask me how the city of NOVI was got their name).
Now, if you looked at this info above, most outside observers could come to a rational conclusion about property values, areas to buy for rentals,...flip, and so on...and, most would be wrong. Redford is made up of, based on my last market analysis (done last week actually) at least 15 different micro- markets ranging from good to bad rental areas, to good to bad flip areas, and good to bad combinations of rental and flip areas.
What I wrote above can be used to describe almost every area of the country though. Just edit the size, name, flanking cities, and number of micro-markets and substitute that info with the info from the market you are analyzing, and you have your market.
Originally posted by @Joe Villeneuve:Redford has been one of my areas to invest in over the years. The great thing about it is it's very consistent, and ever changing, at the same time. Redford, for those unfamiliar with it, is 2 miles wide, and about 5 miles tall (N/S). To the East is Detroit, and the West Livonia (much better than Detroit). Redford is divided up into South Redford (better section), and North Redford (Redford Union)...with those two different school systems and zip codes. Redford's name came from a Ford Plant on the Rouge (red) River. (How creative, LOL...ask me how the city of NOVI was got their name).
Now, if you looked at this info above, most outside observers could come to a rational conclusion about property values, areas to buy for rentals,...flip, and so on...and, most would be wrong. Redford is made up of, based on my last market analysis (done last week actually) at least 15 different micro- markets ranging from good to bad rental areas, to good to bad flip areas, and good to bad combinations of rental and flip areas.
What I wrote above can be used to describe almost every area of the country though. Just edit the size, name, flanking cities, and number of micro-markets and substitute that info with the info from the market you are analyzing, and you have your market.
Thanks for sharing that Joe! When referring to "N and S" Redford, what would you say the dividing point between the two is, I-96? Is that market analysis something you're willing to share? (Understand if not).
And where did NOVI come from!?
#4 All Forums Contributor
- Plymouth, MI
Originally posted by @Nader Hachem:Originally posted by @Joe Villeneuve:Redford has been one of my areas to invest in over the years. The great thing about it is it's very consistent, and ever changing, at the same time. Redford, for those unfamiliar with it, is 2 miles wide, and about 5 miles tall (N/S). To the East is Detroit, and the West Livonia (much better than Detroit). Redford is divided up into South Redford (better section), and North Redford (Redford Union)...with those two different school systems and zip codes. Redford's name came from a Ford Plant on the Rouge (red) River. (How creative, LOL...ask me how the city of NOVI was got their name).
Now, if you looked at this info above, most outside observers could come to a rational conclusion about property values, areas to buy for rentals,...flip, and so on...and, most would be wrong. Redford is made up of, based on my last market analysis (done last week actually) at least 15 different micro- markets ranging from good to bad rental areas, to good to bad flip areas, and good to bad combinations of rental and flip areas.
What I wrote above can be used to describe almost every area of the country though. Just edit the size, name, flanking cities, and number of micro-markets and substitute that info with the info from the market you are analyzing, and you have your market.
Thanks for sharing that Joe! When referring to "N and S" Redford, what would you say the dividing point between the two is, I-96? Is that market analysis something you're willing to share? (Understand if not).
And where did NOVI come from!?
Not sharing analysis. It's done on my software (I designed) for Market Analysis, and is based on my rules for investing.
North and South are very specific. They divide the two zip codes...48239(S) and 48240(N). The name of the street is Puritan, and is essentially 5 1/2 mile road.
It's called NOVI because was the #6 stop on the toll road (Grand River Ave) coming North West out of Detroit.
...or, it was named after the hometown of a Yugoslavian woman who was the wife of someone in the city government back in the very early 1900's. I like the first answer best.
@Joe Villeneuve yep I see that road, analyzed a few both south and north of that area. Will continue to do my research of Redford! Looks like a very promising area
#4 All Forums Contributor
- Plymouth, MI
Originally posted by @Nader Hachem:@Joe Villeneuve yep I see that road, analyzed a few both south and north of that area. Will continue to do my research of Redford! Looks like a very promising area
Just remember that even though two properties are across the street from eachother, doesn't mean they are in the same micro-market, and doesn't mean they are related in any way other than maybe the same sq ftg...which is important, but not the only qualifier for comps. This holds true in Redford as much as any other city I've ever done a market analysis on. There are some great micro-markets that are a small as half a square mile in size.
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
We call Redford a Ring City and it's a solid Class B area.
Regarding research, we've already done that for you, just follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities and City of Detroit Neighborhoods:
Like most cities locally Redford is a block by block city. Meaning you can't generalize by saying E of X of N of W as that is to large of an area. Really need to drive the individual block/surrounding blocks.
That said, overall Redford is fantastic. Personally have owned a large number of rentals/flips in the city and we have lots of clients that have bought in Redford over the years for buy / hold, flips, BRRRR and so on. Also manage a decent number of homes there.
Redford is also a "fair" city meaning the inspections for the rental certs are for the most part what you would expect and rarely do they have silly things on them. Also, they do a good job of not adding to the list each time they come out.
They don't have a way to make the tenant responsible for the water so if you are holding a tenant occupied home you need to make sure to keep that in check.
This is a general conversation of course but Redford is a great market for rental properties.
@Nader Hachem. My experience has been pretty good with Redford. Great market for rentals