Home Buying in 48104>Question Details

Peter, Home Buyer in Ann Arbor, MI

We are from out of state and considering purchasing a rental by campus. Any thoughts of what to watch out for?

Asked by Peter, Ann Arbor, MI Mon Sep 8, 2008

Purchase price approximately $600,000. Rental income approx. $5000/month.

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0 votes Thank Flag Link Tue Sep 8, 2015
Use a Professional. Homes close to Campus are old and values vary, a good agent can save you money and time.
0 votes Thank Flag Link Wed Nov 6, 2013
Hello Peter,
When do you come to the Ann Arbor area next?
I wish I were faster on the key board. As I see many of my co-workers have already chimed in, "Hi everyone". I am sure my words have already been written (and more) by my great co-workers. We are lucky in the Ann Arbor Area Board of REALTORS to have so many great professionals. Peter just make sure you find one that really cares about your needs and knows what's going on.

It is a great time to buy anything in the Ann Arbor market, prices have never been so attractive and the inventory wonderful. Just make sure you get a place that already has the updates to potentially endure student usage. Like tile floors, good windows, newer boilers... (?). Have a good inspection of the structure. Maybe before you write the offer.. (?). Currently there are a number of "For Rent" signs still up (which in years past vacancies were harder to find). Also there are a number of future rental units in the works right now that could affect your future occupancy so make sure yours is just better for your tenants (and you). A good buyer's agent could help you think about "Desirability" of properties, or find one that has full occupancy and the prospect for future full occupancy. I think being near Yost, or the the medical campus would be smart, also the Westside is very attractive right now too ($). Feel free call my cell or write back to ask more anytime, we are all looking to help more people all of the time.
Good Luck in your quest.
Todd Lands, Associate Broker
734/ Mi-LANDS (645-2637)
0 votes Thank Flag Link Tue Sep 9, 2008
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