I've looked at 2 deals so far last 30 days that produce 30%+ CoC (potentially more if the airbnb is made really stunning).

Low Insurance.Out of Flood zone.Across the street from a brand new large middle/high school.In an opportunity zone.Supported by community initiative to revitalize the area.Close proximity to churches, dining, downtown, popular river, University, Major Hospital, and large Golf Course.Sitting on 3,500 size lot.Current rental for 1/1's are between $500-$650 depending on level of amenities.Notables:There is chimney in the middle of the living room that is hurting bad.

Maybe at most I might lay down some clickboard in the living room and dining room, as well as paint them, but I'm not doing any demo because I'd been advised to be careful where I'm knocking!

Enjoy the large deck off dining with the beautiful view of evergreens.

We removed a large wall to open up the kitchen to the dining area, and extended the size of the bathroom, and added a pantry in the kitchen.

We have 4 houses in the burbs of Detroit that we manage from Atlanta and I have been stunned by how undervalued the areas are - with patience, you can find a practically move in ready house needing ~$2k of work for less than $40k in the suburbs another poster noted...I look for areas with "decent" schools (yellow/5+),low crime, and reasonably well kept surrounding homes/yards.Since investing in this area, I've been struck by how inexpensive everything is (labor, furnishings, cars, food) compared to the rest of the country.

@Michelle WilliamsWe started out in the basement of this property and talked about the typical things to look for when walking through:Electrical work, foundation leaks or cracks, piping, asbestos, gas meters, structural integrity (support columns, rafters) and heating (forced air water heater vs radiator boiler)The basement of this particular property (according to one of the tenants) was actually a beauty salon about 20 years ago, so there was still a toilet in place on one side of the room, as well as an additional entrance.Aaron mentioned that today gas companies prefer to have the meters on the outside of the unit for access, and since these were on the inside Peoples Gas would do the necessary work to route them outside the unit.We traversed through the back entrance to the top floor and walked through, noting the floors, kitchen area, bedrooms and closets, bathroom and living/dining areas.  

To keep rehab budget in tact would it be hardwood in Living room dining room, or granite in kitchen?

After spending the next two weeks watching every real estate video I could find, I was determined to purchase my first rental property.By this time, I had been eating free meals at the school dining hall, saving my ROTC stipends, and working three part-time jobs (campus taxi driver at night, finance internship two days per week, and ice hockey referee on weekend mornings).

There is 4 bathrooms, common kitchen living and dining room and laundry room.