Do you think this strategy gains strength if lets say... in five years interest rates are at 5.5 vs 7.5 now?  

Eastpointe has a semi-decent school district, and the area overall is seeing a population growth.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

We helped her move to PA from FL, provided a furnished apartment at a reduced rate for a while, etc.

Those are spray and pray techniques that don't fit with sellers right now because sellers/owners are sitting on a very low rate and don't want to move to go up 4-5 points on their rate.Listings aren't a start now thing as well.

-> WInding creek- Good schools, costly good rents.     

Fort Collins did it since the 1960s and only recently created a law against it because of rent rates.

Just make sure you’re comfortable with the interest rate if going either route.  

@Loren Souers I'd have to run the specific scenarios with the rates and fees, but if you're OK with paying the higher closing costs, the Mortgage 1 deal looks good, particularly if you focus on CoC returns.

A 4 bedroom would have you competing with larger condos or townhouses with pools, a much lower rate of return.