All Forum Posts by: Mike Wallace

$50k purchase price in a solid blue collar/working class area.

Gross from both units= $1300

Taxes= $2500

Insurance= $1200

water=$600

Lawn/snow= $1200

Building seems to be pretty updated so I figure $2400 per year in maintenance?

thoughts?

seller wants $25k. 2 bed 1 bath. Currently has a tenant at $650.

Insurance: $1200

Taxes: $1700

Maintenance : $1200

Brings me to a cap of about 15%

Building is in a C area. I own other multi family and SFH in the area so there will be no surprises with the lower income tenants, I am used to it.

6 units at $485 per unit. $34920 yearly gross revenue

taxes= $5500 per year

Insurance = $2500

Lawn snow= $1200

the building has 12 year old boiler with a baseboard hot water heating system. Have no idea of that monthly/yearly cost.

Tenants pay electric.

Building has been updated in the past 10 years, also has coin washer and dryer in basement.

What do you guys think this is worth based solely on the numbers?

Good info Michael.

The past 2 years I have buying in Westland/Wayne and have been hitting great returns there. I am going to start looking at Redford. I always try and hit at least 2% gross rent monthly of the purchase price. Its becoming harder and harder with this rising market around here.

Those look like some solid numbers. Do you guys try and stay west of telegraph in Redford?

Nick congrats on your purchases.

I have been looking around south redford. So south of 96 west of telegraph?

single family or multis? What type of prices are you getting them for? what are rents like?

Thanks in advance.

Nick Keese have you picked up any rentals yet?

What areas do you concentrate on?

I own 3 condos on the edge of a neighborhood nicknamed "shack town" it consists of hundreds of duplexes. They go for around 20-40k and rent out for about $600-700 per side. Great numbers I know. Just looking for someone that has some experience in this area. It looks rough/ghetto to the eye. But once you look up the crime stats it is worlds better then other high yielding areas like Detroit.

everything is going good so far.

Put some offers in on some other units in the complex. Bank owned listings.

We will see what happens.

I own a 4 unit in Wayne as well.

The Wayne/Westland area seems to cash flow good so far. Other "nicer" areas are way too expensive and command the same rents. I am looking for yield, as long as it is a safe area. I am not at all interested in Inkster/Detroit.