You have to understand the market, neighborhoods, numbers, and realize the risks involved buying houses "sight-unseen".

The good thing about the houseGood monthly cash flowGood interest rateIf its a headache property, I would sellIf it doesn't have much maintenance and you have good tenants, I would keep it.If you do decide to sell, you have about $200,000 of equity which you can buy 2-4 houses with when the market is more favorable.

What we found was only one other person contracted under $200 per square foot for clients and they also built within the city of columbus. the numbers have a much higher premium the closer you get to downtown. if you can't get the numbers to work my recommendation would be to get closer to downtown. we do build to rent development and single family home development and every line item is broken out. on the triples we have to build exterior staircases etc there are some things you can't really understand unless you build a lot. hope that helps but no one is going to build you for 110 a square foot. the lowest cost homes in our market at cost without a profit barely dip into 140 a square and we are in one of the cheapest construction markets and states in the country. 

Is this reasonable idea for this market?

How do you find off market deals?

I have been in the STR market for the last 13 years.

Hi Joesph, It’s awesome that you took the leap into fix-and-flips and already have your first deal hitting the market soon—huge milestone!

My experience has been overwhelmingly positive, but—like any market—it depends on your approach, risk tolerance, and the team you have in place.Detroit is unique.

And this market 100% of the sellers have paid it (my market). 

They could be your insight into off market deals.