It would be a 6-8 unit condo and retail that is in a very trendy up and coming area.

I'm from Belleville, MI and looking to purchase a multi-family in the Metro Detroit area.Now, I need some input on a property I found that has potential and I'm wondering if it's worth it... here's the scenario:Duplex near a trendy downtown area (Ferndale, MI) and it's listed for $225,000The millage rate for a homestead is 55 and 73 for non-homestead, which would make taxes approximately $6200 (homestead) and $8100 (non-homestead) a year based on selling price divided by 2...I confirmed this pricing with the city.I believe each unit is renting for $900 (rentometer indicates average rents for $1150)Both units are leased until April 2018, which at that point I have to decide which unit I'd like and if the other tenant would like to renew.I haven't seen the inside of the house but I'm not even going to look if the financials don't make any sense...I'm looking to spend about $1000 a month after all expenses are factored in (P&I, Taxes, Insurance, Utilities, Groceries)I have an 800+ credit score and my original lease would be at 4.675% since it's an initial investment property...I'd look to refinance 30-60 days after moving in.Someone, anyone please let me know what else I'm missing and any suggestions you have would be highly appreciated!

These areas aren't yet as gentrified and trendy as Uki Village, Wicker Park, or Bucktown.   

I don't think it is the same as marketing a pair of sneakers or a soda.

I'm tired of the hassle of dealing with them and I think the neighborhood is at a point where it's "hip/trendy" enough to bring in a higher quality tenant; ie: stable jobs, respect for rules, etc.My issue is that I don't have the funds to develop this property to its full potential.

@Ryan Y.You need to look at what the trend is in your area. 

Trend is higher for rate.

I further like the trendy little inner city neighborhoods with the older homes that generate great cash flow.

This house was a fixer I bought cheap in an up and coming area (that is now trendy), renovated, and then rented out rooms to other grad students while living there.

Id say i look at and run numbers on at least 10 properties a day to learn how to better do analysis and i noticed a trend i feel only house hackers can answer.