OtherGround Forums $13K Buys Detroit's "Little Blue House of income"

4/23/14 12:27 PM
5/23/12
Posts: 6511

Unsure of where to start your Detroit real estate empire? "This is the little blue house of income," states the listing for 3789 Montclair. "A cozy little home on Detroit's east side." The listing also promises that a long term tenant just signed on board, and we'll be damned it that house doesn't look cozy. Built in 1910, the turreted bungalow squeezes three bedrooms into its 800 square feet. While the $13K ask is certainly affordable, the Little Blue House of Income resides within a big blue bubble of elevated crime near Conner Creek.

 

 

 

The listing.

http://www.zillow.com/homedetails/3789-Montclair-St-Detroit-MI-48214/88093722_zpid/

This is the little blue house of income. Cozy little home on Detroit's eastside. The lease was just renewed with the long-term tenant.  

 

Bedrooms:3 beds

Bathrooms:1 bath

Single Family:804 sq ft

Lot:3,093 sqft

Year Built:1910

4/23/14 12:34 PM
3/18/02
Posts: 62933

the good news is youll only be robbed 3x a year in this house, which is well below the detroit average!

4/23/14 12:42 PM
11/14/12
Posts: 2866
They'd have to pay me ALOT more than that to move in.
4/23/14 12:44 PM
1/1/01
Posts: 45760

4/23/14 12:45 PM
7/30/06
Posts: 9304
You don't have to live there. It says there is a tenant. You would buy it and collect rent. That's why that blue house provides income.
4/23/14 12:57 PM
5/23/12
Posts: 6513
cdmontgo - You don't have to live there. It says there is a tenant. You would buy it and collect rent. That's why that blue house provides income.

yup. the rent on that place will be between 600 and 800 bucks a month
4/23/14 1:10 PM
8/1/00
Posts: 17626

Good luck getting your rent money from the tenant.

4/23/14 1:12 PM
8/10/11
Posts: 1639
OG flop house? I got fitty on it.

4/23/14 1:15 PM
5/7/08
Posts: 1529
If that place really generates 800$/month in rent it's a ridiculously good investment. I somehow doubt it though Phone Post 3.0
4/23/14 1:20 PM
1/1/01
Posts: 9598
DiscoNfrno - 

Good luck getting your rent money from the tenant.


mostg likely section 8 or some sort of subsidized tenant. you will get your rent with ease if thats the case 

4/23/14 1:30 PM
3/14/04
Posts: 107660

I just put in an offer for $2K. 

4/23/14 1:44 PM
5/23/12
Posts: 6514
MayorPirkle - If that place really generates 800$/month in rent it's a ridiculously good investment. I somehow doubt it though Phone Post 3.0

rent is artificiality high in Detroit because of all the section 8 and subsidized housing. That house might not rent for as much as 800 but I am willing to bet its close.
4/23/14 1:52 PM
6/27/11
Posts: 5323
I have recently been thinking of buying up bits and pieces of Detroit real estate as an investment. Eventually gentrification will take place and I could end up sitting on a couple million. Phone Post 3.0
4/23/14 2:00 PM
5/7/08
Posts: 1536
Passive Jay -
MayorPirkle - If that place really generates 800$/month in rent it's a ridiculously good investment. I somehow doubt it though Phone Post 3.0

rent is artificiality high in Detroit because of all the section 8 and subsidized housing. That house might not rent for as much as 800 but I am willing to bet its close.
Then buy it bro! You'll be in the black by 18 months provided no repairs are necessary. Phone Post 3.0
4/23/14 2:05 PM
1/1/01
Posts: 20867

The tenant would likely cause more than 13K in damages in the first 6 months.

4/23/14 2:13 PM
11/16/08
Posts: 5136
The problem with section 8 is that you deal with section 8 people. They don't exactly give a shit about you or your property.(not that any renters do)
4/23/14 2:19 PM
12/20/09
Posts: 16693
GEYprideneverdies - I have recently been thinking of buying up bits and pieces of Detroit real estate as an investment. Eventually gentrification will take place and I could end up sitting on a couple million. Phone Post 3.0
I don't have the money but have also thought the same, someone is going to buy a lot of cheap real estate and the city will eventually be sorted out. Phone Post 3.0
4/23/14 2:30 PM
1/1/01
Posts: 10948
angryinch - 

I just put in an offer for $2K. 


$2001

4/23/14 2:48 PM
7/30/06
Posts: 9305
It's good they have ADT.
4/23/14 2:50 PM
7/30/06
Posts: 9306
MayorPirkle - If that place really generates 800$/month in rent it's a ridiculously good investment. I somehow doubt it though Phone Post 3.0

The Zestimated rent is $733.
4/23/14 2:58 PM
3/24/07
Posts: 5967
Soup and Beer - 

The tenant would likely cause more than 13K in damages in the first 6 months.


lol
4/23/14 3:27 PM
5/23/12
Posts: 6515
pharochuck - 
DiscoNfrno - 

Good luck getting your rent money from the tenant.


mostg likely section 8 or some sort of subsidized tenant. you will get your rent with ease if thats the case 


correct!
4/23/14 4:04 PM
11/5/09
Posts: 4311
Sorry ladies I just bought it Phone Post
4/23/14 4:05 PM
11/5/09
Posts: 4312
They said just come to the house with cash. See you bitches later Phone Post
4/23/14 5:22 PM
5/23/12
Posts: 6518
KeezyDoesIt -  They said just come to the house with cash. See you bitches later Phone Post

i am sure that would go well.