Advice Needed – Single Family vs. Multi-Family Investment in Detroit

[Derrick Roland II]

Hey everyone,

I’m trying to decide between purchasing a single-family home or a multi-family property for my first real estate investment in Detroit, and I’d love to get some advice.

My original goal was to buy a rent-ready duplex and house hack, but based on my pre-approval and what I’ve seen, most multi-family properties in my range need renovations.

The alternative is to go with a single-family home, live in it for about 1.5 years, and then purchase another home while renting out the first one. Covering the mortgage isn’t an issue, but I’m considering factors like:

• Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.
• Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out
• For those who have been in a similar situation, what did you choose and why? Any insights on financing, managing renovations, or rental demand in Detroit would be greatly appreciated!
• Thanks in advance!

[Drew Sygit]

@Derrick Roland II it would help if we knew how much you were pre-approved for and if FHA or conforming?