Morningside is a very stable area located on the eastside of Detroit. It borders 1-94 to Mack and Alter Rd to E. Outer Dr. It has a very good housing stock of brick houses mostly built in the 1920s. This is considered one of the nicer, more stable areas on the eastside. Although it has suffered a great deal due to lending practice, as this was one of the areas that saw the most appreciation of value during the house boom. Areas of Detroit where there were a lot of sales were also the areas that suffered the most. This area was selling for well over 100k ten years ago , it was beautiful area. It was where most of the city employees lived before the residency requirement was lifted which also caused a surge in area sales as homes in this area that were rarely available were then for sale. It is a very anchored community, it is part of HUD Neighborhood Stabilization Program: Morningside Community Organizations is one of the most active in the city; Habitat for Humanity is also working in the area on a infill project building new homes; there is also good school in the area including a brand New East English Academy. This area includes many neighborhood businesses as well being located close to major Shopping Centers. I hope this helps you.
1. Yes you can as long as it is cash. i would advise setting up a LLC for tax purposes. Be VERY careful of what and where in detroit you buy, many areas of detroit are declining and WILL NOT make smart investments, BEWARE of scams as well.
2. title costs, repair costs, property preservation costs (snow removal, board up, winterization ect..) each home is case by case but always plan for 1-3,000 in costs not including repairs.
3. Yes you can buy as many homes as you wish, if you plan on more then 1 i would strongly recommend using a property management company to be your eyes and ears on the ground. Detroit is a ever-changing city and you will need local assistance to keep up with the tenants, market values, and property condition.
i have completed 150+ over seas transaction and have multiple homes and programs to custom fit each investor. Whether you are looking for yield or growth, rentals, flips, or land contracts we have a average of 14-19% ROI on our properties. Please contact me with more information of what you are looking for and i will be happy to assist you.... more