Wholesale multi family. Cap rates
In the Wayne County Michigan area for a duplex that's renovated, what are cap rates in that area an investor would seem to look for? I'm thinking 7-10 cap, but with other investors' knowledge could you guys give me some input on what an investor will look for in duplexes or multi-units in Wayne County? This property is fully renovated bringing in 20k a year, it's currently under market rent value so the next investor I assign it to can increase the rent, up to market value. But while analyzing, I just want to know the psychology of the end buyer/investor on what they look for in cap rates /in that market, etc.