I know the roof was recently replaced and the largest unit 4b2ba has had some upgrades done.

I just finished my largest and most expensive rehab to date (and my first to go way over budget, 123 year old units can get expensive to rehab).  

As for the potential risk of Detroit home prices returning to 2008 levels, it is possible, but much depends on factors such as the economic situation, city management and strategic investments.

My largest goal is to get a refinance quickly.

There are other economical improvements that can be made, as well, that would significantly boost your occupancy, and possibly your ADR.

I see the potential for growth in these areas in the next two decades in particular, especially with a recent large state grant from Shapiro to create jobs in the semi-conductor/specialty gasses field.

You won't believe how effective that is.Accordingly, it makes sense to get the documentation that the largest most successful landlord is using in your property location and follow in his footsteps by capturing his language and process.

Alabama counties don't all designate it the same, but in the largest county, Jefferson, R/S means that no one bid on the property at the tax sale so the property was bid in by the state and then it was ReSold to an investor. 

You will typically find a lot of distressed properties in Ft Myers due to the age of the properties and the economic diversity in the city.

I'd suggest investing in a market with strong job growth and expanding economic base, like Columbus, Ohio.