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Updated about 4 years ago on . Most recent reply
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Detroit flip prospects
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.
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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.