Rent-o-meter is an ok barometer for prices but thats for average units in fair condition, with a good marketing plan, solid upgrades and some value add you should be able to get more than the average going rental rate for your units 

Average/median rents seem to vary depending on which site I look at, lol - perhaps you know reliable sites to use for this? 

Websites like AirDNA can sometimes provide insights into average expenses for similar properties.Consult with Local Experts: Reach out to property managers or owners of existing STRs in the area.

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

They were purchased at an average of $125,000 each.

Their main sales pitch is that they will teach you how to make more money by charging your investors double the industry average acquisition fee.

There are some horrendous mentor programs out there (fake gurus), but the content is probably fine to below average.

The average monthly cash flow forecast for this one property is over $6k/month.

Average housing price in Detroit is still really low compared to the national average and Detroit's appreciation over the last few years has been good and trending well. 

The average household income is $84K.