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

@Chase McArthur would you mind sending a copy of the analyzer you use for financial projections?

That is one of our next projects…

And I was constantly more worried about my own project.

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

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. 

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

We have our own portfolio we manage and development projects across northern VA and DC.  

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.

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.