Lending terms will be important here.I'd say the biggest challenge thus far is making sure I feel comfortable managing this remotely, as it's located about ~150 miles east of Dallas. 

Feeling anxious is completely normal, but from what you’ve shared, this opportunity seems like a great fit for your goals.Your numbers look solid.

There's a lot more compliance, regulations, and other protections that many brokers do not feel comfortable hiring just anyone. 

A C class neighborhood in the rust belt might look like a D class in another area because the rust belt has older housing stock and has a different look and feel to neighborhoods. 

If I don't feel comfortable I also give folks a chance to get a cosigners.

@Jesse Streng Great that you want to invest in the Detroit area but I encourage you to come to the city and spend a weekend here to get a feel for the market.

Post a few more photos of the different rooms so we can see the general feel of the place.

Either way, you feel you need to repaint the walls.

If you feel ambitious, you could try a BRRR strategy adding additional equity to the subject home and then taking equity out of it to pay off either the HELOC or if you decided to the refinance the primary residence. 

Feel free to reach out