Meaning, simply, to find a deal you have to market to a large number of owners before you get one ... you are dealing with a sample set of one in this case, therefore, statistically, no deal.

There are still deals, but they are far between.While the 50% is more of a quick guide to help you size up a property for further analysis, statistically it holds over the long term {some folks use a variant of 60% for Multi-family properties where the landlord carries the utilities}, which is why it makes a good first filter.

There are free sites to look up crime statistics for violent versus non violent crimes.For percentage of homeowners versus owner occupant you can look at the tax records and if mailing bill address is different than listed address then usually it's a rental.So if you do not want to spend the money there are resources but you will spend time.

It has a fee, so you have to measure the value of a lead statistically to weigh the cost/benefits.Let us know what you decide.

Legal advice and markets have nothing to do with each other.If you want to be of value to someone then study the areas via the MLS sold statistics and properties currently for sale in an area that you can become very familiar with.

This will work in any area of the country.1.Government Resources-Federal sites, Bureau of Labor statistics might give me a good overview. www.BLS.gov I can go to the state BLS page and gather info.

People are making money in Detroit, as stated, so it just depends on your knowledge of area and risk tolerance.If you want to make generalizations, please provide real statistics, not just "it sucks" I'm more than happy to educate.

Look at crime statistics but also have them visit the community at different times morning evening etc and talk to neighbors and business owners in the area.

This is simply based on statistical analysis that shows clearly that buyers with no investment in the property are much more likely to walk away.The bank will also compute the debt coverage ratio based on both payments (1st and 2nd mortgages), and want to see this no higher than 1.25 or so, so that it a tough hurdle as well to make a property cash flow adequately with two mortgages.

They will give you all the positives of the property, the area, most likely the statistics that say it is a great deal.