Investing Nest Egg in Detroit (100-150k)
The situation: Moving to Detroit and need to stay in the downtown/metro area for the next 3-4 years. Have savings built up that I initially earmarked for real estate in my hometown but with the upcoming move I'm wondering if I should use this money to buy a place instead of renting during my duration in Detroit.
I worked in the downtown Detroit area for 11 months and recently visited and noticed a significant change in terms of pedestrian traffic/investment the city is making downtown. If I bought I'd want a turn-key property and NOT a section 8 or a neighborhood that is just turning. Based on this I am thinking that I'm limited to either the downtown area/midtown or further north along the riverfront.
Curious as to what thoughts are regarding opportunities in Detroit at this price-point.
Alternatively, I am also open to renting turn-key properties in neighborhoods that are already gentrified.
In short, open to any and all suggestions. Thanks in advance!