So people get caught trying to buy "cheap" and they get what they pay for.HOWEVER, not all of Michigan is Detroit lol.

I've done one in the last ten years and thankfully that one did not have MI because the MI companies do not have to agree to these assumptions.

SE Michigan (House on Zillow says it's worth $348k it's a 3br, 2 1/2 ba), semi finished basement.My house currently needs a new roof, new water heater.

@Alex Johnson Detroit-Michigan falls in the middle of the pack regarding "tenant-friendly".As you start to build your Core Four, NEVER believe what people tell you unless they can explain it logically or provide 3rd party proof.Here's 3rd party proof that Michigan is in the middle of the pack:)https://realwealth.com/learn/landlord-friendly-states/https://www.lawdistrict.com/articles/most-renter-friendly-us...

It sold for $625,000 on Mar 31, 2024.555 W Lafayette Blvd Unit 8C, Detroit, MI 48226: This unit has 2 beds, 2 baths, and approximately 1,700 sq. ft.

My wife and I are based in the Southeast Michigan and are eager to dive into real estate investing to create generational wealth and ultimately escape the rat race.A bit about us: We have a combined $16,000 in savings and approximately $150,000 in retirement funds.

Many of my investor clients have purchased in MI over the past year. 

While we're open to new ideas, we've honed in on our targets markets of Huntsville (AL), Columbus (OH), Milwaukee (WI), and Detroit (MI).

Here's why:Detroit, MI housing marketIn April 2024, the median listing home price in Detroit, MI was $89.9K, trending up 13.8% year-over-year.

This deal is based off a real tax deed auction property in FL:1912 Sq ft 3/2 SFH in Bay County- ARV: $415,101- Estimated Monthly Rent $2,984- based off 6 comps within a 1 Mi radius.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.