The majority of existing houses were built in the 1930s, contributing to the unique character of the neighborhood.

Maybe 5% look different or have something unique or different.  

the more you could make it an emotional (unique niche place that stands out) decision and find a buyer attracted to that vs pure math, the better, I suppose.I'm thinking 'the right location' (and buyer) for this scheme is more like the "hobby second home" crowd, dedicated ski/vacation town, right on the beach, cabins, main amazing attraction right nearby, NOT any-old air bnb beachtown condo, though, overall.

Conclusion:Please don't base your opinion of the typical transaction on this unique situation.

While I agree with Collin on location, views and water front, I also think you can stand out by being unique.

Keep cash on hand and don't put yourself in a position where if your tenant needs a new roof or AC unit right now that you'll have to put it on a high interest credit card.Second, I realize that everybody's experiences are different and so is everybody's unique skill set. 

Also make sure you have a unique value experience for your guests. 

in the SF peninsula and down to Cupertino there was a builder who built about 30k homes in the 50s and 60s  called Eickler these were modern heat in the floor tons of glass interior walk ways with gardens in them etc etc.. very unique ..

While this is not unique to foreclosures, and should be done for EVERY deal, I highly recommend you get full title insurance on a property.  

Outside of the typical challenges for out of state investing, what are some of the pitfalls that may be unique to investing in Detroit?