It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

This sounds risky, are you being compensated by additional rent and have you checked with your insurance to ensure you are covered. 

Once you have cash in hand, you can unlock the unit for 24 hours and let him move his stuff out.I would also consider charging an additional deposit of $500 or something, just to prevent him from leaving all the trash or stealing your refrigerator.

So if you are doing an addition, you are only contributing to the structure portion of value, not the land value.

Section 8 would tend to carry higher repair and as a result, additional vacancy.OP’s definition of cash flow is rent minus piti.  

In addition to just posting your property on furnished finder, they were reaching out and building connections with hospital HR departments and recruiters to help place nurses in properties.

Sounds like you put in a ton of work to maximize the value, and that basement addition was a smart move.I noticed you mentioned the NYC luxury tax and some of the rental pricing challenges—have you considered expanding your portfolio in markets where you don’t have to deal with those kinds of headaches?

Additionally, how many calls does it typically take you to successfully close a deal using this approach?

With substantial equity in your Fort Worth rental, a cash-out refinance could free up funds to purchase additional properties.