They may be high and they may be low. 

If you ever think about exploring our market, I would be delighted to connect with you.

If you want to be close to the water etc. 

All rules of thumb are high level down and dirty approximations to be used for quick evaluation of potential deals.

Also, both the basement and backyard could not be accessed from inside the house.

Without being able to see the properties on the inside, it would be difficult to judge if repairs were needed.

Hey Samantha, Detroit can be an amazing market.Two things I'd recommend:1) Google the "Renegade Detroit Investors" and start attending their monthly meeting.

Credit score is excellent and the property cash flows, so I'm hoping this will be a relatively easy process. 

Your purchase price of 215k would be a bit higher which could cause you to lose money on the property.We have flipped a bunch and notice that even as a broker trying to be conservative in our ARV estimate, can still sometimes be too high by 5% (worst case 10%) in some cases. 

Just be sure you can afford your next project before jumping in.