Detroit/Grosse Pointe Options

[Jana Larko]

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*This link comes directly from our calculators, based on information input by the member who posted.

Hello! We are thrilled to join this community! My husband and I just joined Pro after watching Dave Meyer's webinar on Small Multifamily Properties.

Here is where we are with our portfolio. We own a duplex in Grosse Pointe Park right outside of Detroit; we live in one unit and rent out the other. We also own 3 additional condos/townhomes in South Philadelphia, Fairmount (Philadelphia), and in Dallas.

We are ready to expand our portfolio; but, are unsure of next steps.

We are considering properties that are ~150k in Jefferson Chalmers, or a four-plex in Grosse Pointe Park for ~500k.

Jefferson-Chalmers is a developing lower-income neighborhood with revitalization efforts underway; the neighborhood is also in a federally designated floodplain. In comparison, Grosse Pointe Park is a well-developed wealthier suburb with great schools, neighborhood parks, and a downtown area with restaurants, shops, and services. Most of the multifamily options are walkable to and from the downtown strip.

The four-plex will squeeze out all of our savings for the downpayment; and the Jefferson Chalmers option will keep us with extra funds in reserves. There is also talk of great revitalization in Jefferson Chalmers over the next few years that could result in a huge increase in property values. The area has already started developing over the past few years and the progress is noticeable, properties values have already begun to increase.

We are looking to expand our portfolio in the Detroit metro region for a variety of reasons including affordability, the fact that we live here, are familiar with the communities, the tenant population, etc....and finally to move towards my goal of working as a real estate professional for the tax benefits. We just need more units!

Attached is one of our options; I will attach our other options as well. Thank you!