Detroit for buying rentals?

[Jenelle H.]

I know how much @Joshua Dorkin loves Detroit, but in light of the recent BP article highlighting the best markets for REI, looks like Detroit is ranking pretty high. I have heard Kathy Fetke say good things about Detroit as well. I must admit, when I think of Detroit, I think of high crime and a depressed auto industry. But maybe my thinking is outdated. What do you think about buying rentals in Detroit?

[Diego Ortega]

Jenelle Harris

I live in Oak Park, MI which is 5 minutes from Detroit. Detroit is a huge city and have lived there for school back in 2008 for school and various other nearby cities since then. Downtown and midtown of Detroit have blown up. I've seen this first hand. Most people can't even afford a decent place in those areas now.
I also work in the auto industry as well rentals and flips now (just started). Rent is high right now in Detroit and many cities nearby. And you can buy property for good prices still. But that is going up too as more investors start to show up.
Of course there are parts of Detroit that you should avoid like any other city with poverty.
I think the most thriving cities by Detroit are:
-Ferndale
-Oak Park
-Royal Oak
-Berkley
-Birmingham
-Clawson
-Troy

And around those cities you will also find plenty of C-class cities that offer good rents for the price you would pay for a home that needs a little work.