Metro Detroit Multifamily Situation....Help Anyone?

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Hey everyone, (especially the local guys who have their keywords set to Detroit!)

My wife and I finally have some funding behind us and our entire goal with it is to owner occupy a small multifamily. The general area we are looking to be for various reasons is Canton, Plymouth, Northville, Livonia, Novi, or Farmington Hills.

My concern right now is twofold. First off there seems to be very, very little inventory of small multis available right now. Just through quick, simple scans on Zillow and Realtor.com there is almost nothing in the above mentioned cities. Since we will be working with an agent (Anyone have a referral for a good agent that works these areas that understands investing?) I don't know how many off-market opportunities there will be. We are looking to purchase as soon as we can however it seems like this specific criteria in these areas is about dry.

Secondly, of the deals that are on the market right now, from a numbers and investment standpoint....they don't make any sense! I understand that for the majority of home buyers, they don't even consider this but we are looking for a property that is a great cash flowing property. We only plan on living there a year or so before hopefully buying another one so it has to cash flow on it's own.

The real dilemma is that I know the cities I mentioned aren't the cheapest markets and aren't as cash flow friendly as other lower end cities but since we plan on living in one of the units, I don't want to move to someplace like Wayne or Inkster just to hit good numbers!!!

It's kind of a fine balance since it will not only be our home but also an investment.

Anyone have any thoughts or comments as to what and where we should be looking? Any advice would be appreicated!

[Rob K.]

I'm not a west side guy, so those markets are pretty foreign to me. I will tell you that small multi families in metro Detroit tend to not cash flow very well. If you find one, make sure you fully investigate the expenses. Many of these buildings are set up with only one water meter and gas meter. If you are paying for everyone's heat, those expenses can add up fast. Good luck to you.