@Stan MendozaRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

It depends.On the property, the location, purchase price, demand in the location etc.Yes you can make it work but you must do your do diligence and run the numbers.

Central location works best like you want.

I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

If you're worried about finding tenants, focus on a location with strong rental demand, list rooms on platforms like Facebook Marketplace or Furnished Finder, and consider mid-term or short-term rentals if long-term tenants are hard to find.Good luck!

It is a small town, definitely a tertiary market right now, but that is where opportunity is going to be found.I think LTR, in the right location, can provide enough revenue annually to cover all holding and leverage costs while the resident pays down the principle and the demand in the city sustains slow and steady appreciation. 

Right: but what about the dozens of contracts and hard money loans that are in default without extension or remedy.

Instead, look at your major location-specific operating costs as an investor.

It's been covered extensively.