Most out-of-state investors looking at Detroit are typically focused on cash flow, which means they're usually targeting C or C+ neighborhoods.

@Ezra Avery you might want to read below to understand Classes of Property/Tenants.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?

This sudden jump in rates has not fully caught up with market cap rates yet since especially in the commercial and multifamily property markets, transactions typically take 6 months to transact, creating a lag effect between interest rates and market cap rates since interest rates adjust daily.

Look into connecting with some local investors, they typically have meet-ups often and swap stories and different strategies.

Typically it’s a secondary use meaning the land must have a primary use (like a home on it).

While they typically have considerable deferred maintenance, we're getting great terms.

We typically do 4-5 years interest only while paying down the principle balances over time.

For example, if the typical rent per unit is $1,500 (3bd 2ba), my landlord at the time would have one unit with three rooms and four people within the unit (one person per room and one room with two people), each paying around $500.

Just curious, what is a typical LTV I can draw up to with a HELOC on primary and investment property? 

@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance.