Anyone having luck with Detroit rentals?

[Cynthia Miller]

I posted this before but can't find the thread now.  Any Detroit investors want to chime in ?  Is anyone making any money off Detroit rentals? So far its been just a money pit and huge headache.  Seems like anyone willing to live in Detroit is going to be a deadbeat tenant that doesn't pay, trashes the house etc.

So far its been in the Red. Tenants don't pay. You have to kick them out, most are professional tenants and know how to delay, file appeals and stay for free for months. You have to pay the attorney, court fees then you have to clean up the house and spend more money fixing it back up after you made no money.   So far it seems like a big waste of time.

I do see the city making improvement, but most are in the midtown area by the river and not that much in the lower income areas where there is still abandoned houses lots of closed businesses. 

Bought for cash flow but so far there's been none. Just a headache. The only thing that keeps me holding on is I do see improvements in the city and I would kick myself if I got out now and things went way up in the next few years. I'm starting to wonder if its worth it. I don't have deep pockets and I rather get out and put this money where it can make money and not lose money.

I would hold out for a few years to make a decent profit but 5 or 10 forget it.

Any locals want to let me know their thoughts?