Detroit Vacant Property – Would You Buy This?

Question

I’m looking at a vacant brick house in Detroit on 14531 Promenade St. The seller’s bottom line is $15,000, but I was considering offering around $20K to account for my time if I pursue it.

The house needs some work, and I’d like to wholesale it or assign the contract eventually.

Just curious — what would you estimate the ARV to be, and does this look like a potential deal from your perspective?

Would really appreciate any thoughts — thanks!

Luke Grettenberger · Answer

Thanks for the reply! Good catch — I should’ve explained better.

I’m actually looking to assign the contract on this property, so I’d be aiming to get it under contract at $15K and then assign it to an end buyer for $20K. The $5K difference would be my assignment fee for finding the deal, negotiating it, and connecting it with a buyer.

Appreciate the feedback — learning a lot as I go!

Luke Grettenberger · Answer

Hi Drew,

Thanks for the honest feedback — I respect it. You're right: I’m new to wholesaling, and I’m actively learning how to properly evaluate deals, estimate rehab costs, and bring real value to cash buyers like yourself.

On this particular deal, I’m working on getting more accurate comps and estimating repairs — not just relying on the Zillow asking price. I’ve been using tools like Zillow, Rentometer, and talking to local investors and contractors when I can, but I definitely still have a lot to learn.

My goal isn’t to waste anyone’s time, and I appreciate you calling out what seasoned investors expect. Feedback like yours helps me improve and take this business seriously.

Thanks again — I’ll go back and work harder on my due diligence before posting deals in the future.

Best, Luke Grettenberger

Luke Grettenberger · Answer

Hey Drew, I really appreciate your encouragement. I’m working hard to improve every day and your advice means a lot. I’ll definitely stay in touch as I grow. Thanks again! — Luke

Drew Sygit · Answer

@Luke Grettenberger this is the attitude that will help you suceed!

Hope you use some of my advice to keep improving at least 1% each day - at the end of a month, then a year, it really makes a difference:)

Drew Sygit · Answer

@Luke Grettenberger so, let's see if we understand you correctly:

1) You think you can get this FSBO property for less than it's posted for sale on Zillow?https://www.zillow.com/homedetails/14531-Promenade-St-Detroi...

2) You want to wholesale it, to make a profit, yet you're asking for help to determine what it's worth?

3) Going to guess you have no idea on the rehab cost either?

In previous post (https://www.biggerpockets.com/forums/55/topics/1243151-new-t...) you stated you are new to wholesaling.

No issues with that, but what value are you bringing your clients - when you don't even know if this is a "real deal"?

How many newbie wholesalers do you think waste seasoned investors' time with posts just like this?

Did you know you can find the Detroit Neighborhood this property is in, by looking it up on Zillow?

Then you can search Zillow for that Neighborhood?https://www.zillow.com/airport-sub-detroit-mi/?searchQuerySt...

Then you can look up Sold properties in the last year in that Detroit Neighborhood, along with current MLS listings & FSBO's?

FYI: you can also find the Neighborhood on our website AND get the Property Class.

You can then play with the Zillow settings for beds, baths, square footage, etc. to do a rough Comparative Market Analysis. Be sure to look at interior pics of the comparables and choose corresponding properties or learn how to adjust prices for this.

You can also use Zillow to estimate the rent, so you can better position properties for landlord purchases.

You should network for contractor contacts and build rapport with them to teach you how to roughly estimate rehab costs.

This is all part of being a trustworthy wholesaler versus one that just posts garbage that experienced investors will ignore.

Scott Mac · Answer

The sellers asking $15,000 for the house, and you want to offer $20,000 to account for your time.

I don't understand Why you would pay someone else to account for your own time.

Could you explain that A little more possibly?

Good Luck!

Jaycee Greene · Answer

Hey @Luke Grettenberger! I suggest you connect with Mike Wright @ Wright Choice Investments. He's local and knows the area very well and owns properties.

Detroit Vacant Property – Would You Buy This?

Detroit Vacant Property – Would You Buy This?

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