How's the Detroit rental market?

[Matthew Gascoine]

Hello everyone, 

I'm looking to invest quite a bit of money into Detroit, although I have never been there. I like the looks of where the market is currently and where it could possibly head. Great rent to value. My strategy is to connect with a mortgage broker ( which I have) and have him send me leads for people who applied, but haven't qualified for a loan. I would give them a call and let them pick out a house that they want to call home and we perform the lease option. So in this strategy, I don't mind too much about the area since I have an instant tenant and a contract saying they have the rights to buy it. If they don't perform, that's where it gets sticky. I would want to be comfortable with the area but it seems the city is block by block. I'm looking to fly over there after I have 3 properties (hopefully 3 months away) and see my properties providing a good initial ROI as well as proof of concept. That's when I'll really analyze individual streets and dump my cash in the city.

The lease options are just me trying to dip my toes in the market.  Looking into multi-family units and regular single family home long term rentals.

Any recommendations on Investor friendly Agents, Attorneys, Mortgage brokers, good areas, and recent experience would be amazing.  Would love to hear anything and everything you guys have to offer. Thank you