However, an investment property is "worth" something only if you're getting back what you paid for it.
So, there is some missing information here that we don't know:
1. How much does the property produce each month in rent?
2. Will you have any management duties once you own it?
3. Does it come with a free butler??
To determine if you're overpaying for anything, you must look at the actual sales within about 1/2 mile of that home and in the past 6 months.
When we do a search of properties within a half mile and in the past 6 months, we see that the highest 3 bed home with roughly the same square footage as the Roselawn property sold for $24,900.
Email us if you want to see that comp report.
Now, that doesn't account for any repairs that may have been done, nor does it account for the tenant in the property- these are valuable aspects, but not necessarily worth double the price! Sheesh.
Your price for turnkey rental units with tenants and management in place inside of the City of Detroit should be between $25,000 to $35,000.
They should be renting right now for $750 and up (single family homes).
Anything other than this should come with a free cruise or use of a luxury car for the next five years.
A tip we always give our investors is to get hard and fast sales data for the market. This means look only at what has been SOLD in the past 6 months that can be verified by some independent source.
Everything in real estate is verifiable, so always get a 2nd (or 3rd) opinion before buying. Beware of someone who will not show you more than one great investment property- they usually have a vested interest in you only purchasing theirs!
Good Luck and Happy Investing!
Property Consultants Assoc II
(313) 563 8144
Have A Great Day!!
A I REALTY
THE J WILLIAMS TEAM
DETROIT GLOBAL INVESTMENTS
DETROIT GLOBAL PROPERTY MANAGEMENT
METRO DETROIT RENTAL EXPERTS
16250 Northland Drive
Southfield, MI 48075
"Houses are not our business, PEOPLE are."
Karen Paytas, GRI, CMS
Real Living Kee Realty