Buy2Rent Investment Property in Detroit?

[Bo Edmond]

All, I'm an investor living in Florida. I'm looking for a great investment property anywhere in the US where I can rent the property out immediately and expect capital appreciation over the next 10-20 years. I'm looking in the $15-55K realm and have seen what appear to be some great options in the Detroit area just west of the University District and east of Hwy 10. This will be my third investment property but my first time buying in a city I don't know (currently own in Edmond, OK (rented) and Panama City Beach, FL (living in)).

Questions:

Not knowing Detroit, is this a good area? I've seen several listings with Section 8 tenants currently living in the home and the price to rent ratio seems favorable ($25-55K house with $750-900/mo rental income).

Should I be looking at a different city other than Detroit? At the right price, I could be in the market for 2 properties. It just seems like there are still many great investment opportunities in Detroit but I've also seen Pittsburgh recommended.

Any good realtor/property management company recommendations?