@Tim JohnsonThere are essentially two ways (and a few variations) to purchase this deal, depending on how the owners are selling it:As a going concern:  In this instance you are buying the business, so it is the business you evaluate: assets, liabilities, revenues (historical: 3 - 5 years), operating costs (historical: 3-5 years), future financial projections, goodwill, etc.    

In the future, once we move out of our unit, we may do one MTR and one STR.

I'm excited about the future of Detroit!

Real Estate market is similar to other market, which is unpredictable, nobody can predict the future clearly, And it is tied to other market to, positively or negatively.So the overall market may go up 20% next year, but here is where you need to distinguish be smart and being lucky.

But I know its in, and may yield higher rents in the future?

I want it to pay future ones. 

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually when rents are increasing or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

Use a DSCR lender for future purchases.

If you don't, you are kind of complicit in the all the crimes he may have committed since and in the future against others you don't even know about yet, which you could have helped prevent.

Texas will continue to be an economic juggernaut long into the future with the enormous base we're building.