Sherwood Forest/Green Acres 2 Unit - Good Investment?

[Manny Rana]

Good Day Everyone - 

I've got what appears to be a unique opportunity to invest in a recently renovated, 2 unit in the Sherwood Forest/Green Acres area.  1,100 sq ft per unit / each w/ 2 beds/1 bath.  I've been told could rent for at least $1.500/unit (would fit the 1% rule).

I'm heading out there next weekend, but before I do, would love to pick the brain of local investors/agents, etc. on the SW/GA neighborhood.  Trying to get a feel for the risks (squatters / theft / tenant demographics) before I head out there myself.  Is $1,500/month realistic & is finding good tenants a problem in the neighborhood?  My strategy is to find a long-term tenant in one unit and Airbnb the second and see which makes more financial sense.

Any info on the neighborhood would be extremely helpful.

Really appreciate any feedback.

Thanks!

Manny

[Drew Sygit]

@Manny Rana with no address, we're limited with what we can tell you about rents.

Theoretically, $1500/unit is possible. It's a very nice area of the City of Detroit, decent amount of Class A properties, lots of Class B and some Class C.

The challenge MAY be that you'll be competing with Downtown & Midtown areas, where $1500 for a 2-bed unit is more the "norm".

Here 's recent comps from Zillow (both units of a duplex):

https://www.zillow.com/homedet...
$1600 for 3/1.5 1600 sq ft

https://www.zillow.com/homedet...
$1400 for 3/1.5 1600 sq ft