The buildings were still usable.  

Let me know if you’d like to chat and start building connections before you’re ready to buy!

Apartments are oversupplied and those numbers will likely be competitive.

Are you saying that because of this unit, the building might not be able to be refinanced?

They do everything from apartments to mixed-use to self-storage.

Seeing as you mentioned you have very little liquidity in after-tax and savings accounts, I'd likely recommend focusing on building up a buffer of accessible and liquid dollars in an after-tax brokerage account prior to maxing out a Mega Backdoor Roth.

The only way to know if your idea is worth doing from a wealth building standpoint is to do the math:  What is the cost to acquire?

-Build a strong network in Detroit of real humans over a period of months, buy a better deal, hold it for 10+ years, weather early storms:  better chance for success.Even on that latter deal though, are you going to cash flow in month 1 or year 1 or even year 5? 

It isn't like this a condominium where assessments are paying for common parts of the building like the roof, etc.Prior to this, I didn't have much experience serving on an HOA board and have therefore relied on the management company for their opinion on certain decisions. 

What a great start to building wealth!