If you do not, you may get bids from contractors that can not be compared to each other because the contractors have a different view of the quality of work or materials you envision.

High likelihood of low maintenance for at least the first 5 years, depend on the build quality of the house.

Having issues with getting quality tenants in the home.

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Arizona and going for quality properties vs. quantity and long term goals and passing on generational wealth. 

You won't be managing from afar, so find a quality property manager before you find houses.

The potential issue is that he may have gotten his interest rate when rates were lower and you may get the deal at a higher interest rate which can potentially have the deal at break even or at a loss.The quality of the deal will depend on what your net income is and what you are putting into the deal.If in the above example and you have the same net income, the deal sounds amazing if you are putting in $200,000 because you have a 10%+ rate of return.But if you are putting in $2,000,000 the deal is horrible because you are making 1%

No matter how well maintained, the quality of being brand new no longer exists once it has been lived in.

The median price is still just $90k and I wouldn't be surprised to see it double again pretty quickly.The other nice thing about Michigan is property taxes are capped at the rate of inflation with a max annual increase of 5% per year.The biggest drawback of Detroit is tenant quality IMO.

Key factors include the quality of the renovations, market conditions, timing, appraisals, and presentation.