Maybe you haven’t heard, but Detroit, MI is still an untapped goldmine, with on a privy few that have sunk their money into the city. Much to the general economy’s surprise, these investors have started watching their flipped homes in the city turn into a profitable source of income.
Some of the best deals on homes in the nation are located right here, in Detroit, MI. To the advantage of investors, occupancy rates are also increasing, which in turn has allowed rent prices to rise. Recent studies have shown that Detroit’s landlords are obtaining the most return on their investments, in the country. On average, investors that purchase homes in Detroit, MI can expect to see a 30% gross annual return from their renters, nearly triple the national percentage.
Large Detroit, MI homes are still priced incredibly low. Most of these well-sized homes range around a $45,000 median, but savvy investors have been able to find even better deals with a little bit of searching. Some of the homes located in the historic district may be tucked away, but are hidden gems, still waiting to be snatched up!
With the population steadily increasing, homes are easy to occupy in Detroit. Nearly 98% of rentals homes are currently filled, with numbers still rising. These higher numbers have allowed rents to increase, and the demand for more homes is endless. With more opportunities in the city-limits, people are flocking to find the best available rental homes in their Detroit.
While most homes in Detroit are older, and may require renovation, the costs typically will not outweigh the returns. What may require a few thousand in a renovation budget can be easily and quickly obtained in Detroit, making the value of your rental home soar.
These inexpensive properties and real estate opportunities offer investors the chance to come put up very little capital compared to other major cities in the Midwest. The historic charm and rustic appeal of Detroit has driven in young life, looking to the city for college, art, music, and an incredibly active nightlife.
Have you been looking for your next renovation project, but don’t know where to start? Look to Detroit for innovative and creative atmosphere that makes the investing possibilities endless. Just like any city, it is not without it’s share of problems, but real estate professionals know that the vast amount of opportunities and resources that are readily available, make it an irresistible find for any smart investor.