But again, your profit after selling costs (and any capex improvements) would have to be in excess of $60ok to really make sense.

However, have you ever gone downtown to the steps near the capital and witnessed a Trustee sale? 

Since both lots had the same mailing address, this was the address used by the foreclosure attorney when posting the sale.  

Of course, he flamed out after a couple of years, but he followed some of the path you outlined.

Obviously it is always a good idea to respect folks time, but find someone who also has skin in the game, investing where you are investing, can talk about their experiences, and also has built a network of folks who can support you after the transaction as well. 

Granted, after 30 years the place is a pig sty, but if he goes quietly, no malicious damage, I would most likely return his damage in full. 

I have been investing in the stock market for 5 years and I am now transitioning over to real estate after doing my research on real estate for the past two years. 

I would send them notice today that explains what will happen after the current one-year term ends.

Seems to me my options are...SELL - If I were to put it on the market I think I could reasonably get $2.8M - $3M, but at a 2.9M sale price my return on my initial investment is only 38%, or 7.6% a year over the 5 years.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.