Newbie looking for some guidance

[Adrienn S.]

Hello!

I`m interested in investing out of state and have a few questions to understand the Detroit market now and figure out my budget. 

- Do you think Trulia crime rate map is trustable for Detroit area? I m asking bc even my super safe neighborhood in NYC has almost the highest level crime rate just like half of the city even Manhattan. Is there any tip how to search more efficiently and to avoid warzones? I walked through the streets in Google maps checking the neighborhoods but would be happy to listen to better solutions.

- Is Detroit a hot market now? What is the average closing period? Are the asking prices in Zillow/Realtor.. close to the final selling price?

- Does any of the non local investors have experience with major rehab? Would you recommend it for first project? 

- Is it hard to find refinancing for smaller projects (under $100k ARV)? Just read in other posts that out of state investors faced issues in other states? Did anyone have similar experience in MI?

- Do you think 2%+ cash flow is still achievable? I saw couple of posts about it but this is a different market I guess than was 1 or 2 years ago.

Thanks,

Adrienn