Hi BP Nation! Has anyone invested in Hazel Park, MI? What are the best neighborhoods to live and/or rent in? More concerned with the best rental neighborhoods.
Hi Andrew, I’ve had SF properties in HP since ‘08-‘09. I think I’ve only had a couple vacancies during that timeframe. Tenants tend to stay once they move in. Landlord licenses are required @ $300 every 2 years. Our rents range from $850 for 700sf (2 bdrm, no basement, no garage) to $1,200 for 1,000sf. All are north of 9 Mile. Our taxes average $1,200-$1,400/yr. Values have continued to rise as new construction prices are being supported. A typical vacancy will receive no less than 40 inquiries the first week of advertising, 15 will show up the day of showing, and I’ll get 5 good applications to run. I only set aside one day to schedule showings.
We have SFH in Ferndale and RO as well. RO is easiest to work with as their LL licenses only pertain to exterior condition. Ferndale is good to work with also, as they are consistent in their inspections. Both of those cities have higher prices, both rent and acquisition. HP has a great inspector to work with, but don't let your license lapse as the violation ticket comes with a misdemeanor charge. I'd say it's a great market that will continue to appreciate.
Hi @Andrew Mestdagh HP is all around a solid rental market. Lots happening in the creation of the downtown. You will get higher rents the more north from 8 mile you are but you will also pay. Lots of 2 bedroom houses in this community too, but that’s ok. Take a look at the taxes, they have really high millage rates for the area compared to other communities near by. Let me know if you need an agent!
Hi Andrew, I’ve had SF properties in HP since ‘08-‘09. I think I’ve only had a couple vacancies during that timeframe. Tenants tend to stay once they move in. Landlord licenses are required @ $300 every 2 years. Our rents range from $850 for 700sf (2 bdrm, no basement, no garage) to $1,200 for 1,000sf. All are north of 9 Mile. Our taxes average $1,200-$1,400/yr. Values have continued to rise as new construction prices are being supported. A typical vacancy will receive no less than 40 inquiries the first week of advertising, 15 will show up the day of showing, and I’ll get 5 good applications to run. I only set aside one day to schedule showings.
We have SFH in Ferndale and RO as well. RO is easiest to work with as their LL licenses only pertain to exterior condition. Ferndale is good to work with also, as they are consistent in their inspections. Both of those cities have higher prices, both rent and acquisition. HP has a great inspector to work with, but don't let your license lapse as the violation ticket comes with a misdemeanor charge. I'd say it's a great market that will continue to appreciate.
@Geof Greeneisen@Joe Cubera - I'm buying an off-market deal in Clawson soon. Are things still quite hot there? Any recommendations for someone in the area for a light renovation?
Also, Geof, random question but do you have relatives who used to live in Ypsilanti?