Detroit is a great city to invest in one just has to be aware that is is a block by block city and to be careful

I do want to thank people for taking the time to answer this. 

We have an opportunity coming up from a family member who is willing to sell us my childhood home for what they got it for (240k) and the comps in that neighborhood are 600k+.

this is a direct relation to lack of inventory.. new construction on many markets is as robust as its ever been.. we have had spectacular years the last 3 years of course during covid was tough with supply chains but my 500k house I am now selling for 700k and my build cost have gone up by maybe 100k.. so record profits for us.. 

Or do a cash out refi to scale up.

You’ll need to treat it like a business—handling tenant management, accounting, legal compliance, property maintenance, and more.That said, when done correctly, it’s a powerful tool for building wealth!

I'm a believer that there are deals to be had in any market.

Prices have increased (higher terms/rates) as the fed rate has gone up so you have seen people who could get 8 or 9% now in double digits.

No qualifying and the ability to use your money to purchase something else?

Every market will vary due to labor costs.