Originally posted by @Richard Dunlop:
Drive there in a Black Escalade with 24" wheels and see if the neighbors come running to you like kids to an ice cream truck.
@Zack Mitchell
I tried to convey a real idea in a humorous way. Sorry if you missed the implications.
I'm in Detroit, the fact that you wont ever have to go to the property yourself tells me that your hoping to pass off the physical risk of life or limb to your property manager. Detroit has Beverly Hills type homes less than 100 feet from total dumps (Indian Village) I've not seen that elsewhere.
The street and the neighbors make a big difference in the viability of your investment. Are your tenants doing the break-ins on your street?
Or are they the victims that will eventually give up?
When a unit is needing repairs will a reputable handyman go there?
Does he need an armed guard for his work truck while he is inside working?
I know more than most about the environment you describe. People try to paint all of Michigan like you portrayed your potential neighborhood. Metro Detroit has problems Yes but it also has SF houses that would sell for $10,000,000.00 in today's down market.
To summarize I would avoid areas in Detroit as you describe your area to be. But it could make a profit but the risk is not worth it. I have lots of Great areas to choose from but maybe you don't. Hope that helps.
