That's about three months worth of cash flow out the window.

One thing to watch out for is the financing aspect of it - could be a hurdle getting a loan if the transaction is "non-arms length" - i.e. between "Friends" - might be worth looking at seller financing too

An uneducated eye may think that's a silly statement because there appear to be a ton of listings in Detroit.But many of them aren't worth buying.

For me the answer was, it's more work than I want to handle with little children and I'm not outperforming S&P 500 well enough to be worth the effort.Side point, if you are going for cash flow, you are eventually move to paid off properties so you are managing 20-30 not the 130 other people are quoting you. 

Is this deal worth it?

If it were the off season and I was having trouble renting I may consider it again but overall I don't think it is worth the extra vacancy but if you are doing MTR it is definitely worth making the right connections. 

Would it be worth it to invest in a less expensive unit just outside of the strip or is having a place within walking distance the biggest appeal?

Quote from @Damian LaGrange: It doesn't matter what they think it is worth.

I just find that they aren't worth it because of all the edits you have to make on the spreadsheet to get the same result, and one of the softwares refused to allow Journal Entries which seemed like a huge red flag to me. 

If it turns out well a good lender is worth their weight in gold.