It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

Then it really grows with each additional one. 

I agree and additionally I'd recommend going down to the store and actually feeling them.

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

Additionally, based on your numbers, it should definitely cash flow. 

Stay away from grey LVP pick warmer colors if possible, choose hard surfaces for common areas and soft for bedrooms.

- Highly recommend REQUIRING tenants to get Renters Insurance and adding you, as the landlord, as additionally insured.

Not only do they not repay funds, they claim we owe them additional funding for renovations that never actually happen. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

High 6s to mid 7s is more realistic for the most common deals (70%+ LTV).Also, the FFR doesnt really directly impact mortgage rates.