If I'm looking at buying a townhome or condo and the HOA is high because there is a nice pool and nice gym. 

Trust me, I've toyed with the idea.Vacant land where it makes sense to build large MFH stock might make sense, but chances are this isn't the land we're talking about here.The reality is most vacant land in Detroit is being repurposed for parks, the Joe Luis Greenway, solar farms, neighborhood gardens, etc.Beyond that, let's say you plan to hold long enough for SFH prices to get high enough where it does make sense to build. 

Highly recommend Chuck and Angie Robinson at Exit Real Estate and Ryan Fox at First Neighborhood Bank in Parkersburg, WV

Highly recommend Chuck and Angie Robinson at Exit Real Estate and Ryan Fox at First Neighborhood Bank in Parkersburg, WV

Hey Jinesh, I would highly recommend taking it slow.

On expensive apartment like these, if rent is too high, they would just rent a single family. lol.too much work for nothing.

Many of the other nearby homes are larger, so I thought the demand would be high for a furnished 2BD. 

From a rental standpoint there has been an influx of new supply (mostly high end) apartments that have both come on market as well as that are in the pipeline.

Hey Francesca, I highly recommend Innago as that's what I use.

If you buy in with a high rate, wait two years, and your property appreciates and rates come down, you get a double windfall when you refi because the payment goes way down and you have equity to pull.BUT, that is a big if in today's market.