However, I have a few concerns:Pros:Living condition: 1400 sqft → 1700 sqft with some boutique featuresThe rental market seems good in this area.Another property is added to my existing real estate portfolio, which currently includes two other properties.Cons:Interest rate: 7% - No guarantee of decreasing the rate, which means there might be no opportunity for refinancing in the future.The current home is too new to be rented out.People often say not to buy property in Chicago due to high taxes and low appreciation.There’s no necessity of moving since I have a decent primary home.Any professional advice would be helpful. 

We are starting to sell cabins individually and transition into property management, which will enable us to grow and decrease our workload.

Doing research on the Detroit market and connecting with locals will increase your knowledge and decrease your fear.Good luck on your REI journey!

I doubt the winner of the election will have 1/10th the effect of lower interest rates and whether supply continues to increase or demand decreases.

They have also seen a huge decrease in closed sales -10% and -14%.

Use a smart lock so you can give temporary codes to all of these people. 

For my point on hypothetical rate decreases, the major driver is really the supply and the demand increase that lower rates would bring.

As a side note,  it doesn't seem like the margins are very good if you are spending $450,000 on the hard construction, still have carrying costs (debt service/loan origination, taxes, builders risk insurance and general liability) and have to include the subdivided parcel which presumably decreases the value of your current home.

I hope the number of homes for sale increases in the next few months along with a slight decrease in Mortgage rates.

Their performance will decrease.