How important is garage in Midwest rental market?

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Hi BP Community?

I am currently looking at a potential duplex in Detroit. The property that I'm interested in is fully renovated, however, it doesn't have any detached garage. Although, there is a space to build a small garage in the future if I needed one. How important it is to have a detached garage for rental properties in Detroit?

I read through BP forums and the majority mentioned that the detached garage is mostly used as extra storage space. If that is the case, this property does have a very spacious space for storage in the basement. I also checked through the houses around the property. Some have it and some don't. So, I don't know how important it is.

All opinions are welcomed!


EVerything you wrote is correct.  Let me also add that it snows in the midwest...sometimes a lot.  

One more important point though.  As a rental, the cost of the garage would need to be recovered before you started to turn a profit.  That means your cash flow would have to accumulate equal to the cost of the garage before you could consider your property positive cash flow again.

Get a price on the cost of putting that garage up, figure out how much (if) you can raise the rent because of the garage, and see how long it would take the new cash flow to equal (return your cost to you) what you paid for that garage.

...and, since this is a duplex, you have two tenants.  How does that figure in the size, use and cost of this garage?