If I buy betting the neighborhood will improve, the increase in revenue is totally dependent on outside factors over which I have no control.  

Best bet, if you’re motivated, search, or have someone knowledgeable search the all the recorded documents, mtg, foreclosure action, etc.  

I find its kind of a progression.. you need a lot of capital for the note business the benefits of rentals is leverage of course.what i found was many did well as landlords then tired and just started to sell them off as they were retiring and note income worked for them.. and or they blended they had some rentals and had some notes. does not take a landlord that is suffering burnt out landlord syndrome but wants cash flow to understand how notes work.. but of course you have to choose wisely on the notes  for sure.. as it relates to BP  overwhelmingly the guys and gals on this site are going for bigger yields that they hope to make with NPN so they work for those.. and its not just passive income by any means its a business.. 

As you move forward continue to provide progress updates here. 

I bet we can meet at Salt Hill Pub.

The cost of living is an interesting one - as in my view it supports a decision to move somewhere, or perhaps a business decision to open a satellite office, etc - however it does not typically 'drive' that decision.One of the key and most important advantages that Iowa has from a labor perspective, and I believe why the DSM market is a great fit for insurance/finance - is that the typical resident knows central Iowa and is 'content' - this doesn't mean that they are settling, as I do believe the DSM market is a 'special' place once you get to know it - however I'd put a strong bet as compared to other metros that if you polled people, the question 'Do you see yourself moving in the next few decades or do you ever yearn to move?'

Best bet is still brokers.

Among the experienced contractors, I'd bet you can't find a single one.All that said, this is your decision. 

In my opinion this sounds like a substantial investment, and there are plenty of solid multi-family renters in the following markets:DearbornDearborn Heights Melvindale Westland& other cities immediately North, East, or West, of Detroit You're spot on about renters paying less for a duplex over a SFH but as you progress in the multi-family market you'll notice the differences aren't much if you choose the right property, construction finishes/overhead, tenant screening processes. 

Best bet would be conventional with maybe as low as 15-20% down.