How do I fund my Detroit Rehab? Worth doing?
I bought a brick 4 unit building at the Detroit Tax auction last year for nearly nothing. It's basically blight. It's in Mexicantown just west of Livernois near W Vernor. Around Cadet, Military, Infantry, etc.
I'm estimating that it will take around 150k to rehab all 4 units. It would be great if I could get a FHA 203K loan, but they generally don't do these for multifamily investments. Are there other alternatives?
I'm hoping for input from folks in Detroit about how much rent for 3 bedroom 2 story attached brick townhouse units freshly rehabbed In Mexicantown would Rent for. (Each with own front and rear entry and basements) I've looked at zillow and some craigslist, but not quite sure what's comparable, or if people are really getting what they're asking.
Is there much demand in this area of 'Western' Mexicantown, or will it likely sit empty for months?
Is a freshly rehabbed 4 unit building near Vernon and Livernois in Mexicantown worth much? What might something like that appraise for after repairs?\
Thanks for any input from the Detroit pro's around here!
@joe delia
@sanchez jones
Others?