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Old 07-22-2009, 06:18 PM
 
1 posts, read 4,455 times
Reputation: 11
Default No go areas?

Hi,

I've been looking at investment properties in Detroit. Are there any areas of the city to avoid? There seems to be some great deals, but I can't afford to make mistakes. I've given up on buying at home (Ireland) because even the dodgiest areas are way out of my price range!

Thanks for your help
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Old 07-22-2009, 07:42 PM
 
Location: West Branch, MI
56 posts, read 118,702 times
Reputation: 26
Price range would help. If budget Allows stay out of Detroit Proper and try to find something in Garden City/Westland Etc.
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Old 07-23-2009, 07:03 AM
 
189 posts, read 329,945 times
Reputation: 138
Investment properties? Yikes... that's going to depend largely on what kind of investment you're looking to make.

If you're willing to do the slum-lord thing and chase tenants around for rent and constantly be evicting people and finding new renters, you can probably make a lot of money with very cheap housing. It's going to take a lot of leg work though, and will likely land you in some pretty uncomfortable neighborhoods.

If you're looking for something easy, with long-term renters that are respectful of your place and just looking for a good neighborhood, you're definitely going to need to limit which areas you're willing to "invest" in.

It's obviously going to vary greatly depending on which direction you go from the city, but IN GENERAL you'll find that the inner-city and the first-ring suburbs (Eastpointe, Hamtramick, Hazel Park, Highland Park, the east side of Dearborn, Lincoln Park, etc) aren't for the faint of heart.

Second-ring suburbs (Warren, Royal Oak, Madison Heights, Southfield, Redford, Dearborn Heights, Taylor, Southgate) are generally the most "realistic" in my view. They're certainly not high-class, but their not filled with typical suburbanite yuppies either.

Beyond that, the third-ring suburbs (Clinton, Sterling Heights, Troy, Farmington, Novi, Livonia, Westland) are what I'd call the "main-ring". These are the where the "easy" areas would start. They're not cheap, but they're not completely filled with McMansions yet either.

Once you get past that you've got a small ring that's a good mix of high-upper-class areas (Rochester Hills, West Bloomfield) mixed with more middle-class (Macomb, Shelby, Walled Lake, South Lyon).

Beyond that is the outer-ring, the most recently developed areas that were farms up until twenty years ago, and the income starts tailing off as the commutes get crazy (Chesterfield, Washington, Romeo, Lake Orion, Clarkston, etc). People do go farther than that, even all the way up to Port Huron, Grand Blanc, Lapeer, or out to Livingston County if they really don't mind the commute, but I'd barely consider that part of Detroit-metro anymore. You'd have to have a job further towards those areas to consider going that far. Certainly not if you worked "near" the city.

Of course there's holes in there that go either way i.e. the Pointes, Birmingham, Huntington Woods, etc that are very upscale but close to the city or places like Pontiac that are lower-class areas surrounded by up-scale communities, but that's the GENERAL lay of the land.

If you've got a price in mind I think you'll quickly find which one of these rings you'll be looking in, as the spectrum is very apparent radiating outwards from the city (VeryBad-Bad-Okay-Good-VeryGood-Good-TooFar).

Last edited by MTUCache; 07-23-2009 at 07:12 AM..
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Old 07-23-2009, 08:23 AM
Status: "Campaigning 4 State House" (set 4 days ago)
 
Location: Mid-Town
7,337 posts, read 9,260,631 times
Reputation: 4969
Quote:
Originally Posted by Maithliom View Post
Hi,

I've been looking at investment properties in Detroit. Are there any areas of the city to avoid? There seems to be some great deals, but I can't afford to make mistakes. I've given up on buying at home (Ireland) because even the dodgiest areas are way out of my price range!

Thanks for your help

I would avoid areas SOUTH of 8 Mile, EAST of Telegraph, NORTH of PAUL STREET andf WEST of the DETROIT RIVER....

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Old 07-23-2009, 12:10 PM
YAZ
 
Location: Phoenix,AZ
6,072 posts, read 6,044,734 times
Reputation: 4189
Quote:
Originally Posted by zthatzmanz28 View Post
I would avoid areas SOUTH of 8 Mile, EAST of Telegraph, NORTH of PAUL STREET andf WEST of the DETROIT RIVER....




What's left, Alpena?
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Old 07-23-2009, 12:33 PM
Status: "Campaigning 4 State House" (set 4 days ago)
 
Location: Mid-Town
7,337 posts, read 9,260,631 times
Reputation: 4969
Quote:
Originally Posted by YAZ View Post


What's left, Alpena?

May be GR or Muskegon?

Just avoid Wayne county would be my suggestion...

How about Tawas or Oscoda?

Heard some great things are happening at the old Wurtsmith AFB...
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Old 07-23-2009, 07:19 PM
 
Location: Detroit
5 posts, read 10,181 times
Reputation: 10
ppl freak out about detroit, but its just like any other city. there are good areas and bad areas. your best bet is to speak to a realtor from the area so they can match you up with a good spot. i think a lot of it is going to depend on what kind of property you want and what you want to do with it.
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Old 07-24-2009, 10:44 AM
YAZ
 
Location: Phoenix,AZ
6,072 posts, read 6,044,734 times
Reputation: 4189
Quote:
Originally Posted by zthatzmanz28 View Post
May be GR or Muskegon?

Just avoid Wayne county would be my suggestion...

How about Tawas or Oscoda?

Heard some great things are happening at the old Wurtsmith AFB...
All good suggestions.

Here's some more:

Ludington

Cadillac

Lewiston

Escanaba BABY!

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Old 07-25-2009, 08:39 AM
 
Location: Detroit, MI
48 posts, read 96,771 times
Reputation: 24
Quote:
Originally Posted by Maithliom View Post
Hi,

I've been looking at investment properties in Detroit. Are there any areas of the city to avoid? There seems to be some great deals, but I can't afford to make mistakes. I've given up on buying at home (Ireland) because even the dodgiest areas are way out of my price range!

Thanks for your help
I am by no means an expert, but I imagine investing in real estate (and in Detroit even more so) is a high-risk investment. If you can't afford to make mistakes maybe you should re-evaluate your method of investment. I'm not trying to rain on your parade, but I'm currently about 50k in the hole due to a real estate purchase and want to share the experience. While many houses in Detroit are very affordable, the property taxes are often prohibitively expensive, which is why many of the properties are so inexpensive in the first place. While Detroit housing prices are currently low due to the depressed economy, if one of the big three auto manufacturers really bites it Detroit could still take a turn for the worse.

Last edited by jerky1280; 07-25-2009 at 09:07 AM..
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Old 07-25-2009, 01:38 PM
 
3,061 posts, read 4,787,963 times
Reputation: 916
Quote:
Originally Posted by likeitmatters View Post
ppl freak out about detroit, but its just like any other city. there are good areas and bad areas. your best bet is to speak to a realtor from the area so they can match you up with a good spot. i think a lot of it is going to depend on what kind of property you want and what you want to do with it.
While there are good and bad areas in Detroit, from what I have heard on this forum is that there are far more bad areas than good in Detroit.
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