Help, I have property in DetroitC -C Class

[Kenya Williams]

Hi, I have potential to inherit C class property on the Eastside of Detroit. I have no idea what to do with it. I don't want to sell, as its been  in the family for over 60 years. I can't seem to find any information of property developments in the area to determine if the area has potential value. The property is a 2 family flat 2 beds, 1 Bath in each unit. It also has 2 lots connected as well as 2 lots across the street. Currently occupied by family. I may need to put 50k in repairs into it. I feel there should be more I can do with it than just rent it. Any ideas...any seasoned investors or developers on the site that can assist?

[Dante Pirouz]

Hi Kenya: I live in Michigan and invest in St. Clair County which is north of Detroit. There is definitely a slow steady increase in values in Detroit but keep in mind the Eastside can be very depressed in value so you have to do your evaluation street by street. One side could be up and coming and the other side could be very rough. It just depends. You should be able to type in the address into Zillow and Google Maps and get a birds eye view of the area. Keep in mind that Detroit metro tends to be expensive in terms of property tax and building and permits can sometimes get bogged down. Otherwise you might be able to justify building an SFR or two or a small multi on the empty lots. But getting trades people is next to impossible if you are going to renovate or build because there are too few vendors available and they are all booked months in advance. If you aren't able to take a look in person then I would say sell before you invest more money in it because it will be almost impossible to manage everything remotely. Hope that helps!