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Q&A: What is a typical rent in a bad area of Detroit?

by tom44 on April 23, 2013

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Question by ridinginchicago: What is a typical rent in a bad area of Detroit?
I’ve seen some really cheap houses in Detroit going for under 5K. If I bought one and did all the work myself I’m thinking I could have a rentable house for about 6k. How much is a typical rent for a 2 bedroom one bath apartment?

Best answer:

Answer by Sonja S
I would guess $ 300 – $ 400 per month.

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2 thoughts on “Q&A: What is a typical rent in a bad area of Detroit?

  1. bobbyblackeyes says:

    $ 300 – $ 600 depending on area and whats included

  2. M U says:

    I think the other answers about rental rates are pretty accurate. HOWEVER, the thing to be careful about is who you get as tenants. People who live in bad neighborhoods are the ones who could not get a house in a good neighborhood. That means they have bad credit histories, or have been in trouble, or don’t have steady jobs, or *something.*

    In a good neighborhood, you would normally figure about 8 percent of rental money for repairs and maintenance. And of course that’s based on getting decent rent. Eight percent is about 1 month’s rent per year. You might also need to budget about another month’s rent for vacancy. That is, it always takes time to find a good tenant, and even tenants in good areas can skip out or miss payments.

    In your situation, you are probably going to have to make even bigger allowances. You are not going to have a house in top-notch condition. Your appliances may be old and your tenants will be less than prime. So you are going to have more expenses for stopped gutters, leaky pipes, and whatever. It’s also a fact of life that you will have a higher vacancy rate.

    I’m not saying you shouldn’t go ahead. You can make money in this situation, but you need to be prepared for contingencies. I’ve seen a lot of landlords get in trouble (or get shafted by bad tenants). If you go in with your eyes wide open, you should be fine. See if you can find fix-up properties in borderline areas (not “bad” areas). That way, if the economy ever does get better, you have a decent chance that your real estate values will go up.

    I wish you very good luck, and I hope this helps!!

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