We're still near historical lows for mortgage rates and there's no sign the market will go down soon.

And historically people trying to micromanage this sort of thing rarely end up actually buying homes, for whatever reason, so it's not like there's any incentive to 'specialize' in this for lenders. 

Once you enter attorney review, the seller should supply all current leases, historical utility bills, etc.

Obviously it needs work and has back taxes, it's in a historic building, and from what I can see perhaps reserved for lower income rents.

In December of 2011, I refinanced to a 15 year mortgage at 3.125% to take advantage of the historical low rates and I could afford the higher monthly payments.

Check out this article in Bridge magazine about the historical problems with lending in Detroit and the lenders who are trying to do something about it.

Expenses are good to look at historically.

Steven,One more point to consider is that historically speaking interest rates on debt are low and there is value in the ability to lock that much money at 4.75% for 30 years as who knows where interest rates will be in the next 3-5 years it sure looks like they are trending upward.

I’m looking for a reliable contractor in the Detroit metro area to rehab a home in a historical district. 

Index funds - Most passive and historically the safest. https://www.cnbc.com/2018/04/24/why-an-index-fund-is-warren-buffetts-favorite-way-to-invest.htmlhttp://www.businessinsider.com/jim-cramer-investment-advice-2015-11Consistency is key.