Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

7
Posts
2
Votes
Korey Barberio
  • Flipper/Rehabber
  • Fort Lauderdale, FL
2
Votes |
7
Posts

Detroit flip prospects

Korey Barberio
  • Flipper/Rehabber
  • Fort Lauderdale, FL
Posted

Hello to all.. first post but longtime reader. I'm in the middle of a renovation and would like some advice. House was listed three months but I haven't received any "solid" offers. Long story short, the property was renovated but only the interior and no appliances or furnace were installed. I wasn't comfortable listing unless property was turn key but followed the agents advice to list "as is". The few offers I got were 5-10k below the already lower than I wanted asking price. Property was market researched at 70k but agent listed for 49k. I would like to finish renovation (install furnace, water heater, and appliances) but I'm not sure if I'm sinking too much money into the property for flip or if I should hold on, complete the property, and find tenants. I have 37k invested so far and would like a decent return. Any opinions are welcome. It's multi-family (2:1 upstairs and 2:1 downstairs with an unfinished basement) located at 17204 Strasburg Street Detroit, MI 48205. Thanks in advance.

Most Popular Reply

User Stats

7
Posts
2
Votes
Korey Barberio
  • Flipper/Rehabber
  • Fort Lauderdale, FL
2
Votes |
7
Posts
Korey Barberio
  • Flipper/Rehabber
  • Fort Lauderdale, FL
Replied

Thanks for the replies. I wasnt too worried about the area as I've been in some similar areas in South Florida. I've been up there multiple times for at least a week and I stayed in the house overnight. The usual people speeding up and down street, domestic violence, gun shots, and a crack house just a couple houses away but that was recently leveled. I figured I would sell to someone who would slumlord or go section 8. The little old lady next door seems to be doing ok despite her surroundings lol.

Loading replies...