I'm sure in markets that differ from mine that people will have very different experiences.I'm in a VERY blue color cash-flowing market.

I invest in Detroit as well, and it's a city full of opportunities if you take the time to understand it.A couple of quick tips: Get familiar with the neighborhoods—Detroit is very block-by-block, and the difference in property conditions or tenant quality can be drastic just a few streets apart.

You can have a formula to pull the individual property tab income to this master tab.I have my ROTH IRA owned properties with a different colored tab and they are in a separate section on my master tab.

You can get a block shot of the neighborhood as well which shows you what the other houses are worth.No, you aren't an appraiser.

I also liked the fact that it was structurally sound with concrete block construction, a tile roof, and high elevation.

Static sign behind your house or lighted until 10pm might be ok, but you might not want one of the newer LED signs that changes ads and colors 24hrs a day.4.I think I would want a monthly lease, not perpetual. 

I  started keeping an event journal to remind me of issues or unique incidents that impact the income/occupancy of each property, including maintenance block-offs. 

In PA, and this property is 3 blocks from N.Broad Street

If you are trying to maximize space you may want to consider convertible sofas and/or one that has a pull out option.As far as material my preference would be a darker neutral color microfiber that would be easier to clean.Possibly most important is looking for one that is commercial grade for durability.

There is a cinder block structure on it now that is basically a 1BR, 1BA shell with plumbing fixtures, but no kitchen.