Seeking help with Comps with 18 Prop Portfolio in Detroit, MI

2 Replies | Detroit, Michigan

Hello BP family,

I am in the process of buying a portfolio with 18 Single-Family Rental Properties located throughout Detroit, MI, and need assistance with comps in the local area before requesting formal appraisals. I know that this is a big ask that doesn't involve any immediate fee for this service; however, we are all here to establish relationships, and this is not the only deal that I will close in the near future. If you are capable of helping me out with this within 72 hours, please reach out to me.

To note, I am only seeking for support with someone who knows the Detroit area.

Thanks for considering and reading my post!


Ernest

This is tough, @Ernest Alexander . As a purchase you aren't going to comp out each house individually, not in my opinion at least. I'd look at general info for the houses (number of beds/baths, brick or frame, etc.), then general condition and location. I also assume these homes are mostly rented? If so, what they're renting for can give you a fair bit of info too.

Your best bet is to compile this info and come up with a "per door" average price to get your total ballpark number. 

First off, thanks for the guidance!  I've gone that route already, and I am just seeking to verify my numbers to ensure I didn't screw up somewhere down the line.