@Rebekah Keller - it depends on your investing style. You could focus on cash flowing properties and pay straight cash for a property and collect the cash flow. You could invest in section 8 or other government assistance programs that help lower income renters. The pro is that you get a check from the govt, the cons is what if they cut out the program or the tenant looses their assistance.
However if you're an investor that likes to purchase with good debt and pull equity out, then I would stay away from paying all cash for cash flowing homes. It'll be hard to pull equity out when a property is only worth $30K and a lenders minimum is $75K. Focus on areas where there's more stability, higher values and up and coming areas where values are growing fast.
If I had $50K to invest in Detroit then I would focus on the hotter areas and get financing (seller or bank financing). Hot areas are downtown, Midtown, New Center, Grandmont Rosedale just to name a few. I really like the University District. There's a lot of potential there - Please read this: https://detroit.curbed.com/2017/4/5/15191290/fitzg...
Also just google "Detroit revitalization projects" and read the articles.
There's a lot of potential in Detroit, but that's the tricky thing. Some investors invest strictly on the current numbers and sold comps while others are so hopped up on the comeback of Detroit that they are driving the prices up based on future values that may or may never come.
