Best Markets
What areas seem to be the best Markets for Rehabbing and Retailing?
I am in Michigan and getting a little concerned about the direction the market is heading. I have kept the last 4 houses i rehabbed and have them rented. I have 3 other properties that i am completeing the renovations on and am a little nervous. I am not worried about being able to rent them, but i did not get into this to be a landlord.
I have done some research the past couple months on current home prices, today versus last year the same time and can not believe how much lower the prices are today. One property i purchased sold 6 years ago for $86,900 I purchased it for $54,500 and will have about $15K in fees (not including seller fees) and improvements. I had an appraisal done at $94K ARV, comps were 6 to 12 months old.
Comps I had pulled for the past few months are coming in 10 to 15% LESS then those comps that were used. Realtor said he would list the house at $84,900, a year ago he would not hesitate to put it at $94 to $99K.
I guess I am asking if anyone has encountered this and what direction you took?
Any Suggestions Greatly appreciated.
Thanks
Ron
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