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Saginaw, Detroit among nation's best areas for buying rentals

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SAGINAW (WKZO) -- Two Michigan cities have made another of RealtyTrac's list of best markets.  Saginaw and Detroit are among the 20 best markets for buy a single family rental property in the nation.  RealtyTrac analyzed median sales prices and average rental rates to come up with the list.

Saginaw is the second-best market nationally, with an estimated monthly mortgage rate of 242-dollars on a three-bedroom home costing just over 53-thousand dollars.  Detroit came in 15th on the list with an estimated monthly mortgage rate of 363-dollars on a similar home costing 95-thousand dollars.

Topping the list nationally is Memphis, Tennessee, with a 277-dollar monthly mortgage rate for a home costing nearly 73-thousand dollars.

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