If you see at least a few zoned in the designations you mentioned above, that's potentially a good sign that you can get support from the local Alderman's office, and approval by the ZBA (zoning board of appeals), to rezone.

But it's rapid price growth and sales activity could indicate a more volatile market, with the potential for corrections if demand slows as affordability becomes an issue.

These props were in good areas so I am guessing that is why. keep in mind true A class areas whould see majority of comps being sales to homeowners NOT investors.. homeowners dont care what the cash flow is or the potential rental income is only investors do..

So when a potential guests looks at a property before going to bed and then they wake up and decide to book the rate is jacked way up and they message me asking what is going on.  

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

You should already have a Lawyer on the team who’s also doing that from his or her office as well. 

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

I am from some of the worst areas in Detroit and have since moved outside of the areas that would be considered “unsafe” but because I am from Detroit I am familiar with areas that are redeveloping and have great growth potential; lots of new construction, townhomes even, and lots of land.

I’m potentially looking to purchase a mid-term or long-term rental property in a different state because I feel I may be able to find better deals elsewhere.

The "land basis" cannot be depreciated, so your depreciable portion will be lower than $350k.We typically consider $1 million in building basis as a rule of thumb where it makes sense to evaluate the potential benefits.