We've invested around $50,000 in improvements (central air and hardscaping) and our mortgage is a 30-year fixed at 2.5%, with a PITI of $2400.We think it could rent for $3,750 - $4,000 per month based on local comps.

There’s probably a legal notice period for that too, based on your market. 

while i do think it's valuable to analyze properties, it's really difficult to underwrite based on photos. 

I've been a licensed agent here in Maine at the Augusta-based Pouliot Real Estate for the last 2 years, but began my real estate career in Savannah, Georgia (my GA license is currently inactive).

Market rate is $1100 on the same street for the same style, size, and age of house.The tenant has been there for 25 years and has also worked as a handyman for the landlord on various properties, so the current owner has asked me to keep him there for at least the next year before raising rents.Property taxes from 2023 are just north of $2000.Based on this Deal Calculator it should cashflow month 1.My questions:1.

Being based in Austin, you’re in one of the most dynamic markets out there, which gives you a fantastic foundation to build on!

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

Please no politics here, just looking for guidance on what may happen based on your insights so I can manage my bsusiness.