Valuation for Property Management 3X to 5X Seller Discretionary Earnings or 1X to 1.5X Annual Revenue, depending on how well established the brand and reputation is in the market, market share, number of units, scalability, etc...Transaction Structure, never buy a Property Management business for cash,  you must include an earn-out structure or provision to protect the purchase against clients/property owners leaving post-transaction.  

There are some very notable exceptions, and I'll send you a few deal syndicators from around the country that are reputable and 1031-friendly via PM. 

I agree with Min's suggestion to start with a reputable turnkey operator. 

Protecting one's digital reputation is important. 

Despite its awful reputation, I see great potential due to its proximity to key attractions.I'm reaching out to ask: Are there any plans to revitalize this neighborhood?

But because Detroit has bad reputation in the media, I believe many investors would avoid it and I may have lesser competition, in comparison with Cleveland. 

DM me if you would like any recommendations for reputable turnkey companies.

But if you plan to travel back and forth, just make sure you that the people you have working on your property are highly reputable and trustworthy.

That covers the wholesaling process, besides sales skills, the successful wholesalers in town always value their reputation and relationship over anything else.

Many reputable general contractors have experience with city/township inspections and final inspections before you can sell your home; they can provide value based on experience with trades inspectors and providing more accurate estimates for project costs based on current market value of work per trade.