Am I assuming the houses around it are actually worth double? 

Maybe also double check if FHA financing is available for it.

You might even hit two birds with one stone- this could double as a test for the quality of customer service they provide and help you decide who you might want to work with down the road.

What the Covid has done is actually slow the Detroit market down just enough to keep the door open for investors who still want to get in while the getting is great and capitalize on favorable purchase prices getting that biggest bang for your buck, high double digit COC return, best rent to value ratio in the country as well as fruitful appreciation.

You forgot to mention that the rehab costs are usually double what you expected and take twice as long.

You aren't my client, but if you were then I'd invite you to double down on that bet, it sounds like there's a strong case for you being right.

For those who do not meet these requirement, automatic double security deposit and/or a rock solid cosigner who lives locally, owns their home, and has squeaky clean credit.   

And once you renovate and potentially double the value of the property, they're going to go up.What's the $50 "other" income?

Plan for 10-12%.Tenant should be responsible for lawn care at a SFR.You're missing Insurance.If you're doubling the value of the property, you should expect the taxes will go up.My guess is that you cash flow ~$150/month for a CoC ROI of ~6%.

(Typically doesn’t happen, but with everything goin on in the market, would definitely be something to double check)You could also try partnering with someone that does have proof of income and pay them a fee or give them a percentage of the equity, in return for their contribution.