What are you charging for rent in Detroit?

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What are you charging for rent in Detroit?

Anthony Watkins
New to Real Estate · Dallas, TX · Member since 2020 · 8 posts · 8 votes

What are you charging for rent in Detroit? What zip code? How many bedrooms? Is it a section 8 tenant? I've been doing some research, running some numbers and at $800-$900 per month plus repairs plus the ridiculously high property taxes I would barely cashflow as a new out of state investor.  How are you making it work? Is Detroit even worth my time. (I'm originally from the Detroit so I know how rough it is)

And if you are one of the lucky ones who managed to purchase 15 houses for $10K back in 2010 thanks but no thanks (just kidding) 

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
4y

3 beds in Detroit are now going for $950+. We've gotten $1200 for ones in the better neighborhoods.

If you're from Detroit, you should know better than to reference zip codes! A city built for 2M with less than 1M current population means a lot of Class D areas average investor should stay out of. A lot of Detroit is still block-by-block even in the Class C areas. So, you gotta know the NEIGHBORHOODS.

You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

https://www.biggerpockets.com/...

[email protected]248-209-6824
Logical Property Management4.9451 Reviews
WebsiteView Page
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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    3 beds in Detroit are now going for $950+. We've gotten $1200 for ones in the better neighborhoods.

    If you're from Detroit, you should know better than to reference zip codes! A city built for 2M with less than 1M current population means a lot of Class D areas average investor should stay out of. A lot of Detroit is still block-by-block even in the Class C areas. So, you gotta know the NEIGHBORHOODS.

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

    https://www.biggerpockets.com/...

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    2Reply
  • Ismail TajudeenPro Member
    Investor · VA · Member since 2021 · 2 posts · 0 votes
    4y
    Quote from @Drew Sygit:

    3 beds in Detroit are now going for $950+. We've gotten $1200 for ones in the better neighborhoods.

    If you're from Detroit, you should know better than to reference zip codes! A city built for 2M with less than 1M current population means a lot of Class D areas average investor should stay out of. A lot of Detroit is still block-by-block even in the Class C areas. So, you gotta know the NEIGHBORHOODS.

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

    https://www.biggerpockets.com/...


    0Reply
  • Ismail TajudeenPro Member
    Investor · VA · Member since 2021 · 2 posts · 0 votes
    4y
    Quote from @Drew Sygit:

    3 beds in Detroit are now going for $950+. We've gotten $1200 for ones in the better neighborhoods.

    If you're from Detroit, you should know better than to reference zip codes! A city built for 2M with less than 1M current population means a lot of Class D areas average investor should stay out of. A lot of Detroit is still block-by-block even in the Class C areas. So, you gotta know the NEIGHBORHOODS.

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

    https://www.biggerpockets.com/...

    Your deep dive was very helpful for me in understanding more about Metro Detroit. Got my first SFH last month just to get started in REI world. I have learned tons and l'm still learning.

    Working on building a team now. I know I did it backwards but will rather do that than continuing suffering from analysis paralysis. 

    Do you have any location specific guidance on tenant screening? Bought in Eastpointe. Thanks 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Ismail Tajudeen

    Glad our blog was helpful!

    Check out our tenant screening outline on our website:)

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
  • Alex KhanPro Member
    Specialist · Southeast Michigan · Member since 2015 · 300 posts · 244 votes
    4y
    Quote from @Anthony Watkins:

    What are you charging for rent in Detroit? What zip code? How many bedrooms? Is it a section 8 tenant? I've been doing some research, running some numbers and at $800-$900 per month plus repairs plus the ridiculously high property taxes I would barely cashflow as a new out of state investor.  How are you making it work? Is Detroit even worth my time. (I'm originally from the Detroit so I know how rough it is)

    And if you are one of the lucky ones who managed to purchase 15 houses for $10K back in 2010 thanks but no thanks (just kidding) 


     Anywhere from 525-1650 depending on who’s there. Sometimes we go cheap because I’d rather have peace of mind which is priceless. 

    248-979-8119
    0Reply
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