Many are now trapped from making other better investments that come along and can't dump off the property to get rid of it without a loss as the next investor wants it cheap to buy in those areas.So smart investors I know tend to buy run down properties in A to B areas to turn the property back into a diamond.

Quote from @Kathy Diamond: @Tim Delaney just confirming here: buyer brings inspector to look at the property to gauge how much work needs to be done.

Quote from @Kathy Diamond: Are those rents reasonable outside the city?

Many times over 35 years I've thought, "You don't buy diamonds from a brick mason."

Hello: I recently signed up as PRO.I'm color blind and can't make out colors on the Graphs (a) Income and (b) Equity.Pl, consider adding in the legend that prints the graphs withblack hollow shapes namely: Diamond, Triangle, and Pentagon that is easily discernable to the naked eye.As stated earlier, my preference is to use Black and White Print outs.My hope is that you would consider my suggestion as I feel this suggestion could help others as well if they were to print in Black and White hard copies of the Analysis.NOTE: See attachment for more info. on suggestion offered.ThanksKishore.

Perils not covered on basic but covered on special would be (some not all):  Theft (important in Detroit), water damage (frozen pipes certainly happen in MI), weight of ice and snow (same), etc.I know of markets that do write special up there, such as Diamond State, Scottsdale, etc, but it's not a low cost policy.

The only positive in this class for me is that I purchased them for cheaply and the tenants have paid the mortgage off so I can afford to wait for the “diamond in the rough.”

That said I finally got in the home and it is a disaster (my diamond).

Just don’t discount finding a diamond in the rough occasionally!

@Jane S.Hello Jane,I had a good laugh while reading your post .You have good material for stand up comedy .I feel your pain, here in Australia I had some diamonds coming for inspection and I was getting very frustrated for wasting my time driving there and talking to the jokers .I’m sure soon you will find a lovely tenant.Good luck