Since then it’s generated top dollar and I’ve maybe had to put a total of $500 into it.

Detroit is a great place for that, but as you probably already know, it takes work and strategy.For background, I moved from CA to Troy, MI, back in 2017, lived there for five years, and built my Detroit portfolio aggressively—12 doors in 2.5 years, generating $16,000/month in gross rents.

They will likely have the ability to generate them.Disclaimer: While I’m a licensed attorney, I’m not your attorney.

This generated $2M+ in equity, and thus is highly lucrative, but takes 2-3 years.Note worthy: I am located in California, but I did this project in Canada.

What may the property be worth then and how much cashflow might it be generating?

This either sounds like a seller looking to "retire" and liquidate his holdings or a Section 8 owner that hasn't kept the property (or rents) up to market levels.So, based on the numbers you're using, what return (IRR, Equity Multiple, or ConC) are you estimating you'll generate over your expected holding period?

I'd also advise out of state since you can certainly generate better cash flow too. 

These are top drive-to destinations for much of the Southeast, so short-term rentals here can generate solid cash flow, especially during peak seasons.The area is also seeing steady growth, with more infrastructure and amenities being added to support visitors and new residents.

Even if it does, there's closing costs to consider.As I said, I have no cash myself, so I'm asking how I can deal with generating cash for closing costs (and a down payment) if it comes to it.The house costs $139000.

Still trying to get through some sales to generate cash.