Originally posted by @Jon W.:
I don't think any of my colleagues professional at Ford Motors/GM/Chrysler will like to live in Detroit inner city; probably downtown is ok but not a good investment option base on high cost. The issues on investing are overwhelming
(1) Lack of police presence(High Theft rate &Murder- break-ins and let me know if the police respond to your call on time or even do. Good luck if your appliances or tools are not stolen on a reno job.
(2). The quality of Tenants as I said previously is just low - High vacancy rate.
(3). High Taxes- Example, Pickup a 50K home, reno for, example say 30K.. you basically paying 75 mills - Do the maths and is it worth the extra headache listed in (1)/(2)?
(4). Income Tax: An additional income tax of 1.25% and honestly my colleagues do not want to relocate to Detroit for Work. They rather stay in Dearborn's office
(5). Schools system: D+.
(6). Crime: Just check Fox2 news to confirm
My best locations for immediate cash flow
- Dearborn/Dearborn heights/Allenpark/Warren/Ferndale/Livonia/ Royal Oak
My best location for Millenials(ages 0-21)
Typically if you want to buy a couple of homes for your minor child.Dont really care about cash flow - Probably Detroit will be the best fit
