All while home prices are slowly rising. 

2) I bet you could draw that same or even more extreme graph for new car prices.

I do need a property that is not very expensive, which is why I have been looking into Clevland due to their low selling prices and high appreciation rates. 

I generally look for two things: new homes on the market for sale are they being sold very close to asking price, with short days on markets or not.

If I were to purchase (at a higher price) then the taxes I pay would be very different from their taxes.

The median price in Detroit is up over 2x in the last 5 years.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

Based on its price and rental income do you think it is worth it?

We've observed a certain and different price at each place that below which we get difficult guests.

Currently, based on Altos Research, inventory is up 10% YOY and this has put pressure on median list prices which are down 5% YOY.