That being said, there are deals to be had, especially in some of the areas that are now gentrifying after the Kimberly-Clarke factory was closed down.As for heavy metals, honestly, if you're in the military, and been living in military towns...you've probably already been exposed to worse. ;)  The EPA is doing a bang up job and unless you plan on digging down to the contaminated soil (it's at the waterfront, so not in a residential area) you're probably safe.  

Now there are people who can pay that but those people are extremely exposed to the cycle be they tech founders, bankers, hedge fund guys/girls etc.  

Anytime you can expose brick that is in good shape do it.  

That ceiling is tongue and groove with exposed rafters and a beam that spans the length of the house. 

If that's not an option I think a diesel/oil furnace or a propane furnace would be a preferred option over electric.

Baltimore is practically drowning in opportunity, if you live in the area, and know it well enough.As for detroit, its not worth the propane Id use to torch the houses to the ground.

Right now I am obsessed with real estate investing and exposing my self to as much knowledge as possible.

If so, see if you can remove it to expose the nailing flange. 

What does the worst (or 2nd from worst) case scenario look like, could you rent it out and not be too exposed?

The company is very entrepreneurial in nature which has led me to be exposed to a wide variety of assets and investment strategies.I've loved real estate from my first intro class with the great Dr.