Within Metro Detroit there are lots of schools related to the medical field that bring in interns and residents. In addition there are also similar programs for Law Students within Metro Detroit as well. Indeed as previous agents have cited agents can forward you listings within certain areas where you can define the guidelines. As far as leasing practices you must be careful and follow fair housing rules for the local municipality for which you purchase within. Your interest in obtaining properties in areas of high density of students and professionals alike is a wise investment, because you can increase your chances in finding interested renters. It would be key to familiarize your self of those areas and choose an agent familiar with the areas as well.
If you would like my help I would be more than happy to assist you.
Liz Tintinalli w/ Real Estate One
Just to make you aware, real estate professionals cannot "steer" you to a location for this property. It would be a violation of Federal and State laws.
The local MLS allows the agents below to search by one square mile areas, or perform a radius search for homes from the schools address. You would have to determine this distance.
I would agree, financing would be your first objective. Zoning could be a hurdle to overcome and the City of Detroit has certain requirements and enforcement items to follow.
I do suggest working with a local Buyer's Agent when looking for either some type of apartment or multi-family location.
I would focus on looking in area's that are in proximity to where these interns will be working. As you know, public transportation in Detroit is not that spectacular.
As far as total investment, it will be an invesment property so you are probably looking at a 20% down payment as well as closing costs,points,taxes, etc. The dollar amount would depend on the price of the home.
My advice is to speak with a local, reputable lender as well as a local and reputable realtor who specializes in the area you are looking in. They can help lay out your options for you and answer all your questions in detail
If any questions, please call or email using my information below.