I  could walk the property and give you a contractors answer to cost and if an electrician needs to pull the permit or not.As most commercial properties have plenty of parking it comes down to bathrooms and kitchen and windows that needs addressed. 

Most of my clients purchase turnkey investment properties in areas like Old North, Merion Village, Southern Orchards, Old Towne East/King-Lincoln Bronzeville, Driving Park, North Linden, North Hilltop, Franklinton, Reynoldsburgh, and Hungarian Village.

Trust me, I've toyed with the idea.Vacant land where it makes sense to build large MFH stock might make sense, but chances are this isn't the land we're talking about here.The reality is most vacant land in Detroit is being repurposed for parks, the Joe Luis Greenway, solar farms, neighborhood gardens, etc.Beyond that, let's say you plan to hold long enough for SFH prices to get high enough where it does make sense to build. 

Great food, live music, parks, art, theater.  

But no one Knows Nothing, so they could knock it out of the park, or slow bleed money for years.Good luck Aman

I am also a newbie but here are my two cents:1. i agree house prices are inflated but dont wait for interest rates to come down. if they do come down, there will be competition.2. go for your investment property asap but dont buy it by all cash. go for mortgage instead. when interest rates come down you can refinance.am late to the game and realized only few months ago that parking money in the bank is not a wise decision.

Now that I am getting more comfortable with the basics of this, I may park my money in a fund, but rest assured that I will give up the return profile and liquidity rights before I give up on the fundamentals of being first position in all notes, my preference for an unlevered, or lightly levered, fund, and requirement for conservative underwriting in concentrated Geographies. 

Most of my clients purchase turnkey investment properties in areas like Old North, Merion Village, Southern Orchards, Old Towne East/King-Lincoln Bronzeville, Driving Park, North Linden, North Hilltop, Franklinton, Reynoldsburgh, and Hungarian Village.

Needs a place to park cash!

Try to see a ball park of what is possible.