Hi,I have a new property coming available, and a neighbor's retired parents are looking to move closer into the same neighborhood where my property is located.

I'd probably go back and listen to a year's worth of podcasts and see if you like his style and info. 

There are neighborhoods across the US where you can take these vintage properties, undertake complete renovations with all new mechanicals, roof etc. and come away with a properties  that costs far less than building the identical building with todays costs.  

There are some exceptions in each market where the neighborhood is really nice and there are a huge variety of finishes / price points but I still would want to be with the comps of whatever price point I am shooting for. 

If financing is part of your strategy, consider exploring fix-and-flip loans, which are tailored to help investors like you fund both the purchase and the rehab of properties.Lastly, start small with your first project, ideally in a neighborhood where you understand the market dynamics.

Is it this one: https://www.loopnet.com/Listing/3630-Trowbridge-Ave-Clevelan...If it is, very challenging to put something here considering it's a residential neighborhood and there's probably a lot of work to do to get it up to snuff... cocktail bar might be a tough sell given demographics but otherwise could be an interesting project!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I wish I bought more in this neighborhood.

My property is in the La Prada neighborhood but in Mesquite ISD if that helps.I know that area pretty well.

This is in Detroit, in the Morningside neighborhood.