You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

I appreciate the tip about the current market conditions.

Purchase price: $814,000 37-Unit - HUD Section8 HAP MultifamilyOverall the project was situated decently well at closing, occupancy was mid ~85%, and overall the property was in very nice condition.

We worry about the hassle of dealing with properties in poor condition and not building enough equity.

Most townies looking to gawk would come to an open house and open houses are usually done only for houses in nice move-in condition.

Once the property is in a rentable condition you can explore a strategy to rent it STR, MTR, or long term.

All complimented with Amazon fulfillment centers, google, and more tech manufacturing jobs.The bad reputation of “Detroit” comes from OOS investors wanting sub $40,000, D class properties in poor condition, because they pencil out to 2-3% deals on paper.

I tend to use 8% for vacancy, 5-10% for repairs depending on the condition of the property, and 7-9% for cap ex.

And better yet 80%+ of this asset class tenants are home owners by nature, divorcee's in process, there living standards are home-owner conditioned. 

than when it had a mint condition 2000sf home on it?