I invest in Detroit as well, and it's a city full of opportunities if you take the time to understand it.A couple of quick tips: Get familiar with the neighborhoods—Detroit is very block-by-block, and the difference in property conditions or tenant quality can be drastic just a few streets apart.

In current market conditions, rents have generally increased, making house hacking a viable entry strategy.

And if you do not think you will get caught, a lot of nosey neighbors will call you out on it (we did not rent a basement but we had built a shed as an outdoor dog house that was heated and air conditioned and someone called about that on us...).

It's hard to say if a 60k house is worth 40k or 80k, that's within the margin of error based on how much do you consider condition in your valuation.The % based agent commission model does not make any sense below 100k.

Is the condition of the property good? 

My belief is purchaser had more info on inside condition than I had or was buying to OO.  

While some leases say they will remove all evidence the sign was there and restore to original condition, I doubt that happens in bankruptcy for example. 

Quote from @Corey Gelineau: The inspection contingency is used to legally back out of a contract due to the property being in an unacceptable condition upon inspecting the property.

And along these lines, if they move out, what condition does building and property need to be in?  

We do not have serious floods, tornados, heavy snow and rain, frequent major hailstorms, big earthquakes, or extreme weather conditions.