The market rents on other hand are $1150 as is (this per the appraisal).

I found this deal through diligent market research and networking within the local real estate community.

Unless the last tenant was paying 20% over market rent or the market you’re in is falling apart (if so, SELL!) 

How about marketing the property ?

That right there will set someone apart in the Detroit market, sadly.I can't speak to his PM business from a firsthand perspective as I've never had him manage any of my properties (I still self-manage). 

@Derek Tuohy If you inherit the property as the sole owner, you'll receive a step-up in basis to the property's market value at the time of your mom's death, which would minimize capital gains taxes if you decide to sell.

Not going to lie, Dan really got me rethinking this plan...Currently researching multi-families in other markets now. 

So, I've been reading and hearing about the market and future growth of NC.

I've told clients not to sell before, and then a few years later we put it on the market.

Tenant basically said they would agree to current market rate if landlord pays the new commission, or at a lower rate they would cover the commission.