Biggest thing IMO is getting close to the train station and have a high quality units that may not look attractive on paper the first few years but will have the ability to raise rents consistently long term. 

It depends on the market, but more densely populated areas like New York City will have more sales in a closer radius than a suburban market.Starting with 6 months back and 1 mile out is a good start.

I do have some investment properties in Panama City.

It's not the data or the asset classes; it's you.You are often your biggest roadblock.Considering this and looking at your journey differently, you can break the stalemate.If you are new and want advice, you must be open to ALL advice, not just the kind that supports your first idea or asset class.

There are drops in other areas including big cities and rural areas and areas that are losing population. 

The city is seeing massive investment/revitalization.

Good to see the city make some practical decisions.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

Doubt this is the final version as the "smart" people in the city understand Detroit is coming back and needs to keep welcoming investment instead of putting up roadbloacks:)As many STR landlords have learned in other cities and in oversatuarated areas, it's always good to have a backup plan!

I think they've really been helped by the full/partial telecommute, as it's not terrible if you had to go into the city once or twice a week, but if everyone goes back to full-on 5 day offices I think there will be some exodus.