Many people are thinking of buying Metro Detroit investment properties. But what makes a good investment property? I am going to focus on long term appreciation.
If you are going to buy a investment property for long term appreciation then here are some of the items and questions you should be asking yourself.
- Can I get positive cash flow out of this property?
- Is the investment property in good structural condition?
- Will the area that the home is in be a good area in five years? ten years?
- Does the area have a good school system?
If you are looking for long term appreciation you want an area that will be stable for years to come. You want the area to be where people want to move to. Middle class Americans want to buy homes where their kids can go to school. A good school system. A place to raise their kids.
Which Metro Detroit citieswould you think home buyers would want to live in? Do you think middle class Metro Detroiters would want to buy a home in the City of Detroit? Or would they prefer to buy in a different city? Which cities do you think an investment property will appreciate more in.
These are key elements in long term appreciation of Metro Detroit Investment properties.