But all homes auctioned specifically by the Detroit Land Bank are vacant at the time of sale. The Motor City Mapping project is attempting to survey all the properties in Detroit to provide updated information on occupancy status, building condition, and more. But there's no guaranteed way to know the exact condition of the property and the lot unless you visit it yourself.
Vacant properties that have been in foreclosure are often in really bad shape, structurally and mechanically. There are missing doors, missing windows, holes in the roofs. Things like pipes and sinks and other fixtures have been stolen. For historic homes you get nine months. Otherwise you risk losing the property and the money you paid for it. That means you'll need to have the cash to fix up your fixer-upper ASAP. If you show a good-faith effort toward renovation, they will consider giving extensions, but they want legitimate landlords or homeowners, not absentee investors.
This rule is the biggest difference between the DLB and other auctions. Now that so many of Detroit's property auctions are held online, Curtis and Fahle said there are a lot of potential investors that buy homes site unseen and then can't follow through with renovations or sales.
That said, there are still public schools that have magnet programs available, though they are few and far between until you hit high school.
Detroit might have earned its nickname as the Motor City, but music still drives blood through this talented city — providing its other nickname, Detroit Rock City. Unlike the automobile industry, Detroit is still manufacturing top-notch talent and almost every big artist stops here on tour, so be sure to check out a live show from time to time.
Detroit may not seem like the first place that comes to mind when it comes to island life, but this concrete jungle actually has surprising access to a number of nearby river islands. Topping the list is Belle Isle, the largest island park in the U. Still, these days the moniker is more apropos of the fact you need a car to get around. As far as going car-less? Plus, in , the long-awaited QLine light rail began giving rides on its 6. Here are some staples to get you started and give you an idea of what the city has to offer.
Some of the faves? Detroit goes wild for their football team Lions , hockey team Red Wings , and basketball team Pistons. The collection here is one of the largest and best in the country — and you get to experience it for free.
Take a tour of the city to soak it all in and learn a little history to boot! Ready to motor over to Motor City? PODS is ready and here to help you with everything, with ideas on how to store stuff while moving to Detroit and tips for packing for a long-distance move. Source: cheapoldhouses via Instagram.
Brush Park neighborhood in Midtown. Sherwood Forest neighborhood Source: lucasliska via Instagram. Jefferson-Chalmers neighborhood Source: amyrocksrealestate via Instagram. Many real estate investors are surprised to learn that Detroit has been experiencing a renaissance over the last few years. Millennials are attracted to Detroit by the low cost of living, affordable rentals, and vibrant neighborhoods. Where to begin your search? Roofstock created a heat map of Detroit based on our Neighborhood Rating , a dynamic algorithm that enables you to make informed investment decisions by measuring school district quality, home values, employment rates, income levels and other vital investment criteria.
Ready to invest in the Detroit housing market? If you haven't already done so, create your free Roofstock account and set up alerts. We'll notify you when we have an Detroit investment property that matches your search criteria.
Jeff has over 25 years of experience in all segments of the real estate industry including investing, brokerage, residential, commercial, and property management. While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios.
Browse Properties. Thinking of selling? Get a FREE property valuation. Last updated on September 15, This article, and the Roofstock Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, legal, or real estate advice.
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