@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend 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?

But this comes with pockets of C/D neighborhoods, and higher potential for headaches;  in addition, appreciation in these zips has probably maxed out for a while.

The average rental home price I am looking at is between $175K and $250K for a 3 bedroom house that requires minimal work in a nice neighborhood. 

What are the comps selling for (last 3-6 months)in the neighborhood?

Is this in a residential neighborhood?  

Which will also depend on the neighborhood.You want to, "rehab/maintain to the Neighborhood".Most investors go overboard on their first rehab and waste a decent amount of money.

I believe as an organization you should take a look at how you are handling your investor relations and strive to do better.

Look at recently sold properties in the same neighborhood that match the size, condition, and style your property will have post-rehab.

Start by exploring books, YouTube channels, market research, and analyzing trends in neighborhoods.

I’m still working toward my first deal too, but I’ve been learning that tracking maintenance and expenses is all about staying organized from the start.