We put 5% down using an FHA loan and currently have an outstanding balance of 450,063.

Taking 'effective' action is what you need to do next, find out what your goal really is and work backwards in discovering what you need to do to achieve it.

The house was bought for $362k and has a mortgage balance of $250k.

The teacher did try and have us study balancing a check book and calculate interest rates but the class was meant for kids who couldn't pass normal high school math.

A lot of other markets 20 years from now could be ghost towns with little demand.But on the flipside, that safety/security comes with lessor immediate returns, as is a normal balance with investments (more risk traditionally equals more short term gain potential). 

My current focus is on doing my first flip or live-in flip here, and I'm eager to learn from those with experience in this space.I'm particularly interested in developing solid systems and strategies to achieve long-term financial freedom through real estate.

Rates are higher for these and that can make it hard to achieve a 1.0 or great DSCR Ratio (your income needs to be $1 higher than your PITI+HOA costs).

Neighborhoods like Morningside, East English Village, and Bagley are great examples of areas where properties have appreciated, and there are still a lot of up-and-coming pockets where there’s growth potential.Detroit isn't perfect, of course, and it has its challenges, but I've found it to be a great market to build a rental portfolio that balances cash flow with appreciation.

People rarely achieve wealth quickly.

(These averages represent state-level data, and individual cities may levy additional taxes.)To achieve the same level of cash flow as a property in Nevada, you would need to generate a higher cash flow in Texas to offset the higher operating costs.