My offer to purchase was successfully accepted in a competitive market, and I immediately found a tenant to rent out the space for a 12 month lease.

People think it's inexpensive to install a Washer & Dryer, but getting the gas, electrical, water, and drain/vent there is usually quite expensive.Here in Chicago, we always want to be at the top of the market regardless of the competition, so we almost always install a W/D when we renovate our properties, even in some of the less desirable neighborhoods.

I'm a mortgage broker and can offer just about any product QM and non QM with competitive pricing. let's close some deals!

Also you want to look at the competition. 

This space is also getting competitive, but you could try listing for monthly stays only on Airbnb, VRBO, etc.

Of course, many find that they are up against competition here, too.

There tends to be less competition from every day home owners who need to move in the spring/summer before the new school year starts and thus the possibility of having more leverage on sellers.

@Timothy Blackman- thanks  ...get some referrals for lenders from friends / co workers ...contact them all on the same day with the same criteria and ask them any questions you have and  ask for some scenarios ...compare the  feedback and service they provide ...pick one lender to get pre approved with ,,once you have a property - contact all lenders again for pricing options for the actual loan you will need ...hopefully the lender you chose for pre approval will be competitive in their pricing ..good luck

Anything not actually apart of your main house (or a basement that is below grade) is considered Additional Square Footage and will have a fraction of the value per sqft as compared to GLA. 

Detroit is a market where local have a strong competitive advantage over non-locals so you want to use that to your advantage.