Rehab costs and ARV (After Repair Value) are key parts of evaluating deals, so it’s great that you’re diving into these concepts early.For rehab costs, creating a rough estimate starts with understanding the scope of work and local pricing for materials and labor. 

My current understanding of the market make me disagree completely with that statement, so what have i missed?

That said, Detroit is very much a block-by-block market, so understanding the dynamics of specific areas is critical.For professional investors (and even newer ones), Detroit’s future is bright if you approach it with the right strategy, solid due diligence, and an understanding of the challenges.

Aside from strategy you must understand how to underwrite a deal. 

Utilities are OFTEN overlooked so reach out to power, telecom, gas (or go all electric), water, and sewer to make sure you understand what it would take to get separately metered services from the primary house.

I would love to chat with someone who is a mortgage broker to understand your day to day workflows a little better.

I don't understand Ray.

I currently operate a few STRs so have a good understanding of that aspect although they're all located in touristy locations.

ouch....sure can understand why you didn't engage with them. 

This would be my first real estate investment, making the decision even more critical.I understand that backing out would mean losing the $2,000 earnest deposit.