Not only did Detroit beat every city in other popular Midwest states like Indiana, Missouri, Ohio, Wisconsin, etc...Detroit beat every city in the super popular states of Arizona, California, Florida, and Texas - Detroit beat them ALL!

Old and outdated buildings - These non brick built in 1900's buildings are 95% likely to need a full gut rehab, and at the asking prices or even under, these major scale rehabs don't make too much sense.

@Jai Windish I don't know the neighborhoods of Peoria, but what about something like this: https://www.realtor.com/realestateandhomes-detail/1025-N-Uni...?

With strong rental demand, affordability, and plenty of value-add opportunities, Birmingham is looking like a solid market for investors.

Not likely), vacancy (@ 8% for me), and a possible PM (10% normally).I recommend you reach out to a local seasoned investor and have them run your #s with you, as the #s depend on how you manage it (how hands on you are) and also local pricing.

We would like to refinance as soon as possible after the build to recover all or most of our initial investment.

Prices in Detroit are likely to keep going up.

I'd also like to plug Bigger Pockets because of what you said, but also because of the education you can get here on the website.  

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

why not develop something more proven like hotel on portions of it and make this a larger development and carve out pieces?