First Grand Rapids Rental Unit

[Jerry Westhoff]

Hello,

I am looking to purchase my first owner occupied rental property in the downtown Grand Rapids area.I would like some opinions from other Grand Rapids natives.The property I am looking at is located just south of Wealthy st.You can view the property here http://www.trulia.com/property/3199391082-845-Logan-St-SE-Grand-Rapids-MI-49506

What do you think about this location?I have rented in the downtown area for almost 5 years so I know the area very well.Currently the location that this property is in is not good.The crime rates are higher than properties north of wealthy.If I purchased this property I would live in the back house and rent out the front house.I am estimating rents for the front house to be around $800.

I plan on holding this property forever and continue to add properties to my portfolio.I feel like the wealthy street area is really growing and it is only a matter of time until this small pocket neighborhood known as Baxter will catch up.

Opinions?

Thanks,

-Jerry

[Michael Lerch]

not sure Baxter will ever catch up unless everything around it becomes like wealthy street. Only investors there are tax deed and 9 out 10 times they're out of state and don't know they just bought something in the worst part of grand rapids. Logan is iffy like you said, but with you being there to keep an eye on things I think it'll be alright. 

I also know the listing agent. She's awesome.