What do you guys think Greenfield-Grand River area in Detroit ?
property tax 2% ??? Makes no sense . Regardless it looks like a cash flow machine . Is this in a war zone ghetto ? Are you certain you’ll get 850$ a month in rent ?
14561 St Marys St, Detroit, MI 48227
Above is the address. It says property tax $240 in 2017.
Regarding the rent. I'm not sure. I hope some investor from Detroit will join the discussion.
Thanks for the reply tho.
I personally wouldn't invest here I'm 7.2 bias...I shy away from SFH in Detroit, I prefer 2-4 units.
That said, this is a solid model for Detroit, good purchase price, reasonable amount of cash to rent for a home and fair for housing amount in terms of rent. Decent enough neighborhood with nice amount of commercial activity. ARV feels high by about $7-10K, but that wouldn't stop me on a deal in Detroit anyway.
I would worry about tenant placement this late in the year, or even going into Jan and Feb. Its Sept 5, 2 weeks to close 5 weeks of rehab if you get going right away. November 1 move-in?
I think its not a bad deal, feels like the calendar is a little off. If there was a way to drum of leads now do it. Also, it feels like based on Zillow there are lots of unfilled rentals in the area. Some of the ads are garbage, so actually post ads with photos, just dont put appliances in until you have someone moved in, schedule delivery on the same day they move in.