Pumping the brakes in Detroit?

[Benjamin Molnar]

So my wife and I were about to submit an offer on a property in a great neighborhood - Morningside/East English - in Detroit.  We had two different HMLs lined up to do the deal and we were about to submit an offer when we saw a nearby comp that we were tracking convert from available to sold.  It was one of the best remodels in the area (that we could see) and it sold for $1000 less than asking.  We though that would go for well over asking and when it didn't, our rehab model was blown up.  Is anyone seeing the same?

Also, based on recent news, I'm thinking that Detroit and the market as as whole isn't great for flipping right now:

https://www.marketwatch.com/story/5-signs-that-home-prices-could-be-rolling-over-again-2019-06-17?mod=mw_theo_homepage

https://www.marketwatch.com/story/home-flipping-rate-hits-9-year-high-and-that-could-foretell-troubles-in-the-housing-market-2019-06-07