Their going to use a 4plex half a mile away.

I bought a property to rent to my daugher and roomates 150 miles away so I didn't go to the inspection or final walkthrough.  

As I struggle in my first year of REI, I'm forced to remember what it felt like when I ran my first mile and was out of breath.

I think it's within 1/2 mile.  

If the MLS sqft is correct, you are priced close to the top of the market for a .5 mile radius (not a bad thing these days!).  

Now you are in business from 1000 miles away.

i owned a 4 unit once in st. albans and would not recommend it unless you know your stuff , its a different animal , different market . i was less than a 1/2 mile from the hospital and couldn't find the people i wanted ( made them pretty nice ) i think everyone was a smoker and in and out of a job .

Unfortunately this post is specific to South East Michigan and North West Ohio. 

The second is miles better than the first because you can borrow money to lever your portfolio.  

You may find some properties in the NW Cape but even then it's tough sledding for under $150K.I've been in almost every home on the market within 1/2 of a mile and nothing looks like the house I rehabbed.