If you are renting in C- or D areas, you will be forced to accept tenants with low credit scores, no way around it (higher quality tenants are not looking in those area very often). 

You won't wake up in 3 years with equity that will allow you to retire, but you will hold rent rates through downturns, cash flow while you own and can bet on cashing out in 20 years when you sell.  

We have made this transition over the past decade as we feel new construction in good locations has many benefits over older homes in C or lower locations.

Sending a Class A handyman to a Class C or D property will waste your money.

People in nicer rentals will downsize to cheaper rentals but people in C or D class rentals can't do that and people in nicer rentals suddenly are trying to rent those as well. 

***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.https://www.biggerpockets.com/forums/776/topics/960183-what-they-dont-tell-you-about-cheap-rental-properties?

seems you bought low C or D type property at least at that price point in Detroit in todays market.very tough to run those properties if you don't live there and manage them yourself.even with a PM it could mitigate it some but I think you will come to find out that the juice is not worth the squeeze on these type of properties and the tenants they attract..  

Your price range could either get you the best house in a C- or D area, or the worst house in C+ or B area.

(roof, HVAC, elec panel, sewer pipe)-Is this an A, B, C, or D neighborhood?

Hi @Rafael Carvajal Jr, if the property is being delivered with tenants and stabilized for the most part, then a DSCR loan type would be the best bet on a property of this size.