Detroit can be a great place to invest. However, based on the budget that you have, I would be concerned about the types of areas that your home might be in for $30,000. So, be careful with investors who seem too eager to get you fully rehabbed, pre-tenanted homes with reputable and professional management at this price. I would be concerned about the quality of this investment.
More than likely, to purchase a brick home in a great area where tenants will be lined up to move in to, your investment will be $38,000-$52,000. My partners and I have sold over 750 homes to international investors. And, one thing that we see constantly is investors who are experiencing major losses because they were sold homes in poor areas promising very high returns. All brick homes areas are NOT created equally. I am working with a group of Asian investors right now who have experienced major losses because of this very thing. Out of 15 homes that they purchased, only 4 of them were in good areas. And, even though the area was great, they are still losing money because of poor property management.
In the soled investment areas that you want to be in, you may be looking at rents between $825-$1000 per month.
Regarding appreciation, recent Multiple Listing Service statistics show that the median home prices in Detroit have jumped by 11% year over year. However, if you are purchasing a home in Detroit, it should be purchased for the current cash flow value. Detroit is a unique place in that the investment value is greater than the appraised values in most areas where some investment homes will be purchased.
Hopefully, this helps! If there are some additional questions that I can answer for you, please let me know.
Your Detroit Real Estate Investment Partner
http://www.piersonandcompany.com | firstname.lastname@example.org | 800-374-54â€‹70
Can share my experiences. No obligation,just call or email me anytime. See comment below to investor looking for prooerties.
My specialty is acquisitons, i have been investing in Detroit for over a decade. Shoot me an email or call me direct, i can share what i have acquired, how and assist you in doing the same.
First piece of advise: the mls is for amatuers in acquiring investment real estate.If you want to pay 2x 3x necesasry you use mls. If you want to buy at lowest aqusition cost contact me