Chase C. Hunter, a 34-year-old African American real estate investor from Houston, Texas, has made impressive strides in Detroit’s real estate market, where she now owns eight properties. Initially searching online for affordable investments, she discovered the Detroit Land Bank Authority, which sells vacant properties “as is” for as little as $1,000. This led her to buy her first two Detroit properties in June 2021 for $2,000 and $1,800 each. Remarkably, Hunter’s first visit to Detroit was the day she closed these deals. Since then, she has expanded her portfolio, using one property as an office and renovating and renting out the rest. She moved to Detroit permanently last year to better manage her investments and immerse herself in the local market.
Navigating Detroit’s unique real estate landscape, Hunter became a licensed real estate agent and plans to launch an investment group to help others buy and renovate Detroit properties. She sees Detroit as a city of opportunity, with a growing number of investors drawn to its transformation since its 2013 bankruptcy. Real estate values, once at rock bottom, have risen, with the median home price reaching $250,000 in May 2024, still below the national average but reflecting a strong recovery.
Detroit’s budget-friendly properties, however, often require extensive rehabilitation, with Hunter’s first $2,000 property needing $85,000 in renovations. To streamline her work, she now focuses on homes in better condition, typically costing around $80,000 and needing only minor repairs. Safety is also a key consideration, and Hunter has invested in security measures, choosing properties in promising neighborhoods like Morningside, Bagley, and Warrendale.
For Hunter, Detroit’s resilience and community spirit are inspiring. With a close-knit local network she now considers family, she remains dedicated to the city’s real estate market. To those interested in similar investments, Hunter recommends using online resources like AffordableHousing.net. You can follow her journey on Instagram and YouTube.
