It's just old school working capital management that most businesses have been using for 100+ years.

If your numbers are not working...go up;  Meaning, better properties w/higher ARVS in good neighborhoods/schools. 

Without replacement jobs, city incomes decline, forcing cities to cut back on services like schools and police.

Foreign investors ( primarily Asian countries) parking money or buying a 3 mil home for the kid to live while they go to school.. 

It was built in the 2010s and located in an established neighborhood with convenient access to schools, amenities, and major transportation routes.

And while crime isn't out of control in either suburb, it is higher than the national average and the schools are medicore at best.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

I agree.. just look at any large mid west or rust belt metro.. there is a ton of houses avaliable the question though will folks buy in certain neighborhoods where inventory is readily avaliable you can buy existing in many of these markets for far less than new builds.. so to me its really a neighborhood issue  a school issue a crime issue etc etc..

It was built in the 2010s and located in an established neighborhood with convenient access to schools, amenities, and major transportation routes.

So if I am looking at an asset as a 10 year play - I look more at the location, schools and how has this market performed in the past excluding covid and 2008 which were extenuating circumstances.Reality is right now shorter term plays do not work based on numbers and cost of financing - we went through this same thing in 2001-2004ish timeframe where properties would appreciate 2-3% per year and after buying costs and closing costs - you were not making money on assets unless you performed the labor or found a really good deal.this is how real estate "typically" is - which is why everyone always says location location location - because after a decent holding period, you will win.