Home Buying in Detroit>Question Details

Elias Moradi, Home Buyer in Detroit, MI

This data for detroit seems way off from other sources.

Asked by Elias Moradi, Detroit, MI Wed Jul 11, 2012

This data for detroit seems way off from other sources. Realcomp is reporting Detroit median home sale prices at $9,000 and RealtyTrac is reporting median home sale prices at $15,600. This data for Trulia is way off. Anyone else think so.

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1
Keith Dunn’s answer
Detroit properties are sold by how much you are willing to pay for it in the condition it is in. If the property is in poor condition you will pay less to purchase it. If the house next door is for sale but in move in condition it will sell for much more. The best way to find out what a property is worth in Detroit is to check and see the retail sales in that area FOR THE LAST 30 DAYS. And that will give you an idea what to offer. I've seen houses bought for less then what it was listed for and more then the list price.
If you are thinking about buying in Detroit you need to work with a company that knows the BEST areas to buy so you will get the HIGHEST return on your investment at the a low price and have QUALITY tenants waiting and wanting to rent your property because its in an area they will pay HIGHER rent for.

Example: your all in price, which includes purchase price, closing cost, and rehab cost. should be between 20-25k
Then you have to decide, do you want to rent and hold our or land contract to buyers. Either way you will generate CASH FLOW MONTHLY.

Lets say the rent the house for 750mo, and your expenses are 400mo that leave you 350mo CASH FLOW your ROI (Return on Investment) is 16% Not bad.
If you have anymore questions email me @ kbed2000@yahoo.com
Thanks
0 votes Thank Flag Link Sat Jul 14, 2012
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