Grand Rapids Market Questions (upkeep, vacancy, etc)

[Daniel D.]

Hello my name is Dan. I’m current living in AZ but I grew up in East Lansing.

I’m looking to start in the GR investment property market.

The first thing I’ve noticed was how old these houses are. This is much different than Arizona. You don’t see much older than the 80’s-90’s here. What would you consider a safe annual repair percentage to hold onto?

Second, the rental laws are different. I decided against East Lansing because their rental and zoning laws are strict and sometimes impossible to get your house approved to rent. How is this process in GR?

The numbers in GR seem almost too good to be true. For example, I saw a $525,000 quad plex that would immediately generate $1,600 a mo above the mortgage at only 10% down. Is there a catch? Who is the main renter market, students or professionals?

I do plan to visit next month and do some due diligence on different areas. I just thought I’d ask here.