I spent most of my life living in Michigan up until about 3 years ago when I relocated to Los Angeles. I didn't spend much time in Detroit while there and don't know as much as I'd like about specific neighborhoods, but at this point the city has completely collapsed and there are amazing deals to be had on real estate. For the same price as a rundown shack in a bad part of town here in LA, you could buy an entire city block in Detroit. While I don't think it will ever return to the glory it once was, I do believe it can only improve from where it is now -- and significantly so.
Has anyone looked into or even invested in properties in Detroit? I'm not particularly interested in the $1,000 homes to be had, more so in the $25,000 - $50,000 range homes that can still be found in some of the well-kept, lower crime neighborhoods (Historic Indian Village, Historic Sherwood Forest, Boston Edison District, etc.) in relatively good condition.
With there being a likely chance of moving back to Michigan within 5 years or so, my thinking is to buy one of these properties within the next year, modernize and upgrade the interior and rent it out -- eventually being able to live in it or continue to use it as rental income for a total investment of under $100,000.
While the very bottom might have been last year around this time, I still think it would be nearly impossible to take a loss in the long run with property investment in Detroit. Am I missing something?