Hey Samson, Detroit is a block-by-block liquidity market right now where broad comps usually fail. Our research desk monitors the Wayne County submarkets daily, pulling distressed assets with 20%+ cushions against live $/sqft sold comps and Section 8 HUD rent benchmarks.
Are you sourcing heavy value-add inventory or stabilized turnkey rentals? Drop me a DM happy to compare notes on which Detroit corridors are seeing real buyer demand vs. sitting stagnant.
Thanks for reaching out, Nayeem! I'm targeting heavy value add multi family opportunities. Unfortunately, my account currently has messaging restrictions, so please feel free to check my profile for contact details or share your preferred way to connect so we can discuss further.
Narrowing it to heavy value-add multifamily was a smart move, since serious buyers sort deals by type before they ever look at price. One thing that widens your pool is that a lot of the people who close quickly on heavy rehab aren't paying all cash. They're using hard money or bridge loans, and with a lender already lined up they can close nearly as fast as a cash buyer. So when someone tells you they're a cash buyer, ask for proof of funds or a lender letter before you tie up the contract with them. A buyer is only as real as the money behind the offer. How many units are these deals usually? Small multifamily and larger apartment buildings tend to go to different lenders, so the answer changes who can actually buy from you.
Thanks for the insight, Noah. I am focusing on heavy value add multifamily in the Detroit area and completely agree on the importance of verifying funding, whether it's cash or bridge lending. I'd welcome the chance to connect and share notes on the market.