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Updated about 14 hours ago on . Most recent reply

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Caitlin MacMurtrie
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Westland Detroit, MI Duplex - Feedback on the deal/area

Caitlin MacMurtrie
Posted

I am looking to buy a duplex property in the Norwayne area of Westland, Detroit MI for 185k. Each unit has 3 bed 1 bath. One unit is remodeled and empty and the other is not and has tenants paying way under fair market value ($700). I have run the numbers in the area and the property seems to cash flow if I charge at least $1200 per side. That said, I am looking for feedback on average rent prices I can get in that area. Do you think $1300-1400/month per unit (3Bed 1 Bath, 970 sq ft) seems realistic if fully remodeled? That is what the BP average prices it out at ($1300/month). I am looking at zillow and seem to see those rents too, but the previous owner let the remodeled unit go vacant for 9 months. They had a lot of contacts on the property on zillow, so I am assuming the PM was just not following up quickly and loosing applicant, but it is making me nervous about the deal. Anyone have any experience in the area that can speak to rents? How about vacancy and tenants? Would love some local knowledge. 

  • Caitlin MacMurtrie
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