All Forum Posts by: Jeremy Verdusco

There's no way this is worth $200k. I own a duplex on the same block, and I think that's generously worth $100k. This property is on the low-rent southwest corner of the University District. There's probably nothing on that block worth more than $120k (though I would love it to be true). Not sure which bank valued it for you, but they're pretty optimistic. Heck, we looked at a duplex right next door to this property (or maybe a couple doors down) that was listed last fall for $90k. 

There's a world of difference between the first two blocks of Warrington north of 6 Mile, and the rest of the University District. The "comp" on the same street you point out is almost a mile north and those are some pretty big homes (i.e., not comparable to 1,300 sf). But, even with $82k into it, you're likely making decent cash flow in the area, even with management.

If you do have a bank that's valuing it at $200k, run, don't walk, to refi as quickly as possible before they realize they have bad comps.

Per Christian‘s post, if the ZIP code is 48221, then it could absolutely be in the University District, or in Fitzgerald or Bagley. Some properties on the MLS have been advertised as being in the University District when they are really not. If it is west of Livernois or south of McNichols, it’s not in the University District.

Please do your fix and flip right. We had an out-of-state owner next to our duplex do a really janky fix and flip, and it’s still empty. No one wants to rent it with the shoddy work he put into it. Don’t cut corners. The UD is worth it. (I’ll climb off my soapbox now. :-) Seriously whatever the ARV is, you can get it.

I invest quite happily in Detroit: University District, Martin Park and soon (hopefully) Bagley. Don't be scared, just do your homework. City can be tough to love sometimes, to be sure. But if you make good decisions you can cash flow Detroit properties quite nicely. PM me if you have questions.

It's already on the upswing in all areas you mention except Highland Park. I invest in the University District and Martin Park. I'm looking at Bagley and have seen nothing but rising prices since last fall. 

I invest in the University District and nearby. The truthful answer to your question is, it depends. Some streets in that ZIP code are fine, others not so much. For that general area, I'd stick to properties near and around Livernois between Six Mile and Eight Mile -- which is north of your ZIP code. Lot of new investment going on there. University District or parts of the Bagley neighborhood. PM me if you have questions about anything. Happy to help.

Welcome aboard, @Eric Mason . I'm not very close to Utica, but I'm here in Michigan. Happy to be a sounding board if you have questions, though I'm first to admit I don't know much. Do you know which areas you might target? Have you thought about whether you want to do buy and hold, or flips, or something else?