Old post but I figure I would comment here... my Company, Maven Cost Segregation has done studies on projects like this.

I focus solely on Detroit proper because, in my experience, the rent-to-price ratios, opportunities for value-add projects, and overall market potential are much stronger there.That said, Detroit is a nuanced market.

You only get a sense of this by meeting face-to-face once or twice.A bad borrower can kill a great project.

Are you in the market for contracting work, or are you doing your own projects?

On one project we did we proposed 36 highway accesses and were denied as been excessive. 

That is one of our next projects…

For a truly passive experience you'd probably need to be an investor in private equity deals or be a silent partner on a project.

They can provide access to off-market deals and connect you with a network of contractors familiar with BRRRR projects. https://www.biggerpockets.com/business/finder/agentsProperty Manager - Choose a PM with Section 8 expertise to ensure smooth tenant placement and compliance with inspections and rent guidelines. 

And you’ll be much more relaxed too bc  you won’t have to deal with 1 million house problems and annoying guests 😂😂😂I think some people are diving into STR because they think it makes them look cool, or they want a cool side project.

Though DSCR gives you a better picture of how the property is projected to perform vs debt service, you can't rely solely on one measure to make a purchase decision.