A lot of investors looking at Metro Detroit—especially those coming from outside Michigan—start with price. Price matters, but it’s only one piece of the deal.

Here are five things I recommend looking at before making an offer:

1. The block, not just the ZIP code.

In Detroit and some surrounding communities, property conditions and values can change significantly within a relatively short distance.

2. Realistic rent numbers.

Don’t base a deal solely on the highest advertised rent you can find. Compare actual nearby rentals and consider property condition, size, amenities, and tenant demand.

3. Property taxes.

Make sure you understand what the taxes may look like after a transfer of ownership—not just what the current owner is paying.

4. Condition and deferred maintenance.

Roof, foundation, plumbing, electrical, HVAC, sewer lines, and older renovations can turn an inexpensive property into an expensive project quickly.

5. Your exit strategy before you buy.

Are you holding it as a rental, house hacking, renovating and reselling, or eventually selling to an owner-occupant? The right property depends heavily on the strategy.

Metro Detroit has opportunities at a lot of different price points, but every deal needs to stand on its own numbers.

For those already investing here: what’s the first thing you look at when evaluating a Metro Detroit property?