First Rental Property Redford MI

[Andrew M.]

Hello Bigger Pockets Community! First Post here!

I've been saving up to buy my first deal, reading books, listening to podcasts, and trying to position myself for success in real estate as best I can. I am 21 years old and work a well-paying full time job in the Metro Detroit area.

I have found an off market deal through my agent and have first dibs on a ~1300sqft 3B 1B SFR in Redford, MI with an existing tenant of 8 years already in place. I believe I'll be able to acquire the property for about 70k and plan to put 20-25% down, it has a new roof and has been inspected recently and everything is up to code. Rent has not been raised in years and is currently about ~$200 less than what I think it would rent for, ~$950).

My largest concerns are managing a property that will be an hour away from me (especially on my first deal), and possibly finding a good property manager if I decide I need one, does anyone have any recommendations? 

I look forward to connecting here on the BiggerPockets forums and hope to find useful insight from others in my area who are able to help!

Thanks!
-Andrew

[Jonathan Streufert]

@Michele G. I've heard not-so-great things about the Norwayne district in Westland (the block south of Palmer between Wildwood and Merriman). I would say stay away from that, unless you want to get into low income housing.

Also, the better areas in Redford tend to be west of Beech Daly when north of I-96, and at least half a mile west of Telegraph when south of I-96. Houses on the east side of Redford are close to Detroit, which typically doesn't do wonders when it comes to house values.