Both still have value, but you have to know you are looking at third or more serving options in these places.

@Nathan Frost typical for Detroit, that's why we offer our clients several security options, including removing & storing mechanicals when vacant and then reinstalling day tenant moves in.What makes you think the seller will install new mechanicals?

The options are:1. you could get it from investors but then you will need to use an SEC exemption2.

The other option is a water supply line, but that would typically resulting a steady leak and the damage would occur faster.Really think about what is above that space that could cause the issue.

Most are looking for an option to find a property quickly that they can identify and close.

That gives you options to expand, hold, or sell land if the income isn't there. 

Killeen is one option.

@Travis Boyd Outside of instances where FHA or other extremely advantageous financing options exist I am a proponent of the LLC for investment real estate although the liability piece is overstated.

Once you evict them and are ready to rehab, you have various loan options to cover the renovations costs and pull out equity.4.

Then when you are done you can weigh the option between refinancing or just keeping the current loan.