  Terryh Member Username: Terryh Post Number: 558 Registered: 11-2006 |
I am seriously considering purchasing a duplex property-I live on one side lease the other half or a storefront-I reside in the apartment above the retail space and collect rent. A friend of mine is extremely handy when it comes to plumbing-electric etc. and said that Detroit is strict when it comes to inspecting potential rental properties.Can anyone reccomend any sites that feature duplexes (not the upper lower flat type)and storefront residential. Any advice or experiences you all can share would be appreciated as the purchase will be my first.Thanks. | ||
Jt1 Member Username: Jt1 Post Number: 10784 Registered: 10-2003 |
http://realestateone.com/conte nt/Homepage.asp They have a search option for multi-family. It may encompass much more than duplex but you can search on prices, zips, etc. I like the site just to see what things are going for and they have a pretty cool search by map option. | ||
Bobj Member Username: Bobj Post Number: 2790 Registered: 11-2003 |
terryh - look in Grosse Pointe Park, lots of flats, duplexes, small apt buildings for sale, great schools so you get struggling families that want the best education for their kids. | ||
Eric_c Member Username: Eric_c Post Number: 1099 Registered: 11-2003 |
Up until September of this year, my wife and I lived in the lower level of a two-family flat and rented the upper unit. Granted, you're looking for a side-by-side duplex, but I may be able to answer some questions. What specifically are you looking to know? BTW, while the allure of having a second story within your unit may seem like a neat idea, remember that you don't have windows on one wall and duplexes CAN be very narrow. An upper and lower lets in a lot of light and often gives you more room to spread out. | ||
Terryh Member Username: Terryh Post Number: 559 Registered: 11-2006 |
Thanks Bobj but I am keen on the idea of the Northend (Oakland from the Blvd to Caniff- Woodward on the west) area. Good points Eric. How did it work out as far as rent? Did it pay the mortgage so youre monthly expense was lower? Great Jt1 Ill check out the link. | ||
Eric_c Member Username: Eric_c Post Number: 1100 Registered: 11-2003 |
Terry, It's funny you mention Northend, as that's where we looked before we bought in Islandview. Specifically, we looked on Josephine Street between Brush and John R. At the time, I felt that the Northend was going to be the "next big thing", due to the quality of the housing stock and the proximity to Hamtramck and Woodward. In the end, I'm glad we didn't move there. I still drive down Josephine every once in a while and the street looks just as nice as it did four years ago, but after having discovered Islandview Village I can list more positives here than I could there. First, keep in mind that development in Detroit moves slowly, albeit steadily over the last decade. Point is, Northend has NOTHING established around it. Alden Park to the south is just one street. Hamtramck is cool, but you either live in Hamtramck or you don't. Living "near" Hamtramck truly means nothing. Looking back, Islandview has the benefit of being close to Belle Isle, the Riverfront Promenade and Jefferson. Indian Village and West Village are just a couple of streets to the east, and having an established core neighborhood nearby helps out property values. Prices in Islandview have steadily increased throughout the mortgage fiasco, but the neighborhood is still affordable. Depending on how you structure your loan, and depending on how well-maintained and put-together your rental unit is, sure, the income certainly helps. Keep in mind, you have to proceed as if you will never have a tenant. You have to be able to afford your mortgage payment even when you don't have the second unit rented. Lastly, choose your neighborhood as if that's where you intend to live out your days. "Investments" are great, but "home" is more important in the long run. What else? | ||
Jt1 Member Username: Jt1 Post Number: 10785 Registered: 10-2003 |
Isn't Northend one of KK's communities slated for more resources, development, etc? | ||
Eric_c Member Username: Eric_c Post Number: 1101 Registered: 11-2003 |
Yup. | ||
Terryh Member Username: Terryh Post Number: 561 Registered: 11-2006 |
There is just something about the North end- the structure and style of the homes-It has character; there is a lot of gangster history; Oakland Ave has character; Im comfortable with many of the individuals Ive met.New Center is nearby. The Schvitz (formerly Oakland bath house) is still in business;men during the week, couples on weekends; Parks barbecue is good, I often dine in (sweet and tangy sauce). Whenever I am on Oakland taking pics I encounter amicable residents of the neighborhood. There is a big empty lot on the corner of Holbrook and Oakland that was home to the infamous Oakland sugarhouse during prohibition. The area seen action during the riots of 43 and 67. The areas you mentioned are nice Eric but Im a single guy and simply would like to get in a situation in which I can save and invest money as a result of not paying rent every month. If I could go back and do it over I would have settled down and bought sooner. I notice a building on Oakland that has been repaired and has an apartment or two above some type of office. Awhile back someone posted a site that featured the demographics of Detroit neighborhoods with Northend statistics. | ||
Novine Member Username: Novine Post Number: 248 Registered: 07-2007 |
What are the tax implications of renting as far as property taxes, income tax deductions, etc. as compared to a single-family home? | ||
Eric_c Member Username: Eric_c Post Number: 1102 Registered: 11-2003 |
Property taxes are the same, but the homestead deduction is half on a two-family. | ||
Gistok Member Username: Gistok Post Number: 5757 Registered: 08-2004 |
Terry_h, one place to look for duplexes is on Moross Rd. (extension of 7 Mile Rd.) on the far east side. It's just 2 blocks from Harper Woods, and is one of the nicer areas of Detroit. Practically the entire 2 mile stretch of Moross in Detroit has duplexes on it. That may not be the part of Detroit you are interested in, but there's a lot of retail along Kelly Rd. and Mack Ave... everything from supermarkets to Buddy's Pizza to a Barnes & Noble Bookstore.... deli's, drug stores, car washes, etc. | ||
Eric_c Member Username: Eric_c Post Number: 1103 Registered: 11-2003 |
Too small! | ||
Bobj Member Username: Bobj Post Number: 2816 Registered: 11-2003 |
terryh I have owned and currently own rental properties by myself and with partners for many years. Make sure you really "do the numbers". Find out what a realistic rent is (it won't be as much as you might think), what kind of repairs might the property need, how many months of no occupancy can you afford, what is the total cost of ownership for the property and what is your breakeven point. I hve looked at many detroit properties as rental investments and most the numbers don't work. Used to be that you might break even month to month, but could count on appreciation in value - not a good assumption anymore. If you are doing this to invest in the City and sren't that concerned about breaking even or making money, then that is a different story. | ||
E_hemingway Member Username: E_hemingway Post Number: 1403 Registered: 11-2004 |
quote: http://www.detroitrising.com/n orthend.htm | ||
Terryh Member Username: Terryh Post Number: 562 Registered: 11-2006 |
Thank you all very much the info was helpful. I would be happy to break even or have a situation in which after the tenant pays the rent my monthly house payment on my end is much lower than the rent that I pay. I pay $575 per month for my apartment in Ferndale, love the location and community but also have much love for Detroit and wouldnt mind investing in the city. | ||
Renfirst Member Username: Renfirst Post Number: 114 Registered: 12-2006 |
Are you looking to purchase a distressed property? | ||
Terryh Member Username: Terryh Post Number: 564 Registered: 11-2006 |
If it is slightly distressed its o.k. minor repairs. Preferably not.Im not particularly handy when it comes to building and repairing although I have friends and family that may be willing to help. | ||
Craig Member Username: Craig Post Number: 456 Registered: 02-2007 |
TH - Rents in East Dearborn are a lot lower than what you're paying now, or at least they are for a lot of places. You might save the headache of owning as well as babysitting someone who dosn't respect your property. |
