Maybe talk to the city and see what the process is.Now of course you don't know how things are going to play out.

But that’s the game we play. 

Without doing a deep dive explanation on this forum, I will say that everyone can play with numbers to create whatever picture you want.

I currently live and invest in the area and know my market but many of out of state investors get taken advantage of if there don't play an active role Detroit.

The play book as you described is an old one when it comes to marketing themselves nothing different than what the how to trainer do.

BRRRR in Detroit makes a lot of sense, especially in path-of-progress areas, and rent-by-the-room could be a great cash flow play as long as you optimize for tenant quality and lease structure.

That is our Bible or road plans for repositioning value plays in good hard working blue Collar areas of Ohio.  

@Tom HallAt 7% if you can I would pay it down as investing it net after tax gains may not get you the 7% you are paying - so it’s less riskDownside is you lose liquidity of that money as it’s tied in your propertyIf rates come down in future you can refinance and even take some of the cash out.Regarding your question are rates coming down, a lot of factors come into play but right now it does not appear there will be significant changes to rates over next 3-6 months.

Currently, Cape Coral's inventory, new listings, etc are on the decline again.As @Bernard J. implied, I would take a sizeable tax hit if I sold immediately, but again there are a lot of market conditions at play. 

Other than that, it plays no role in and has no relevance to the mortgage acceleration scenario."