It is in a northern MI Downtown area (opp zone) in a county seat with 2 hospitals, had it re-zoned to mixed use, and is considered blighted which makes it eligible for MEDC funding of up to 50% of project cost.It is 8k sqft (4,000 each level) with the lower level being a walkout (top level is street level with sloped drive down to the rear of the building).

On a scale of 1 to 10, what is your risk tolerance level?

Definitely a good thought for other markets if its financially feasible, but my thats not possible here in FL since we're right at sea level.

Strong jobs reports had a larger effect on the 10 year treasury, followed by strong retail sales numbers, followed by EU inflation numbers, then followed by election results but honestly election results only affected rates for a couple of days.Lots of pressure on treasuries from the level of debt the US is carrying, but remember the Fed is also still doing quantitative tightening (while cutting rates) which is additional upward pressure on rates.

So you take this to another comprehension level and I think that will be a tough sell.

Assuming that this market will rise to the level of "everywhere else" and not inflate in relative lockstep with other markets may turn out not to be an accurate assumption.  

I would recommend flying out there, getting to know the area on a detailed level  and talking to local investors (someone not trying to sell you anything).

The problems with the project mostly stemmed from the crawl space work, which required shoring, replacing structural members, leveling floors and insulation. 

Example: owner bought $1 million SFH in San Francisco as primary, built 400 sq fit ADU, lives in ADU is making gross rental income STR  renting out two levels of main house, grosses $13,000 month.

It’s a bit like playing Monopoly but with real addresses and real money.. and when done right, it can feel like unlocking a secret level in the real estate game.But hey, no point pretending it’s all sunshine and roses.