It could be adding an extra bedroom, parking space, or kitchen where you can maximize the potential rent of the property.

Parking and Backyard Splits.

Purchase price: $475,000 Cash invested: $35,000 Triplex in LaSalle Park What made you interested in investing in this type of deal?

I did speak to a police officer I ran into while he was parked keeping eye a few blocks away from the property I purchased.

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.