Investing in Detroit

[Stossi Tsantilas]

Detroit has many apartment buildings (small and large) that are in need of rehabilitation, the asking prices are very low due to this. My question is this, when running numbers (on many buildings), after buying the lot/building and putting a considerable amount of money into rehabilitation (2-4x the price of the lot) it would still give you an annual return of 25%+. How risky would it be to embark on an investment journey such as this? Do you think the risk justifies the potential rewards?