Investing in the Detroit Area

[Oded Hadar]

Hi,

Lately I was offered a few deals that seem interesting in Detroit and Inkster, but since I don't live in the area I wanted to ask for a bit of input from whoever is familiar with Wayne County. 

I am interested in purchasing a single family home for a buy and hold deal that would produce 8-10% NOI, and 20-30% appreciation after 5 yrs or so. My budget is around 40K.

Would appreciate any information regarding where to look, what areas to avoid, is it the right time to buy, what is the prediction for the real estate market in the area for the next 5 years?

I have someone I know that works in Inkster MI and can offer me deals there. Is that a good place to search for deals?

Thank you!

[Saul L.]

As an out if state investor, who doesn't know the areas, and isn't on the ground, I highly  reccomend you stay away from Detroit. It's block by block over there and those returns are only on paper and won't materialize.