Initially, I though I could only get 3 lots out of the land, but after some research and some luck I was able to subdivide the lots into 4 separate lots.

Sometimes they forget to tell you that many tenants in Detroit don't pay (depending on the property manager skill and the type of tenant) - but taxes are very high in the city and so is insurance. 

It actually went to auction initially on the 8th but no bidders except the starting bid which I believe was the bank.

You’d have to pay $35,00 PLUS $3,500/mo (That’s ANOTHER $42k!)

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

Tenants should pay for that.My lease considered normal to be a few items hung using 1" nails or smaller.

When the IRA invests in real estate using debt not only does it have to be non-recourse but the IRS says, you can use leverage but since you aren't only using IRA money for this investment the retirement account is going to pay UBIT on the income generated because of the debt. 

A property is only worth what people can afford to pay for it. 

FHA Loan – 3.5% Down (Owner-Occupied)Buy a duplex, triplex, or fourplex, live in one unit, and rent out the others.You only need 3.5% down with a 580+ credit score.STRs are typically not allowed initially, but you can transition over time.3.

My initial reaction was "hell no".Algorithms are usually poor estimators of actual value.