The biggest issue is the neighbor hood/city is declining in value.

Also do not fall trap to thinking you did well in Condo RE without considering the declining buying power of the dollar over time.

Because that's what you'd be saying if you declined to rent to him because his FICO was under 700.

I know this city well and everybody else that thinks Independence is ok, hasn't seen the decline from the meth epidemic from the late 90's.

Thank you all for your inputs.I was also leaning towards minimizing my risk, and wanted to do a quick sanity check.I've declined the short term applicants, but told them about a place where they can stay week by week for reasonable price, much cheaper than hotels.

is the neighborhood improving/stable/declining?

I have had a few that I have either declined or asked to be removed and CYS has been very cooperative. 

Declined.  

I don't know or remember a time Detroit wasn't declining.  

This looks like a much better flip opportunity.Also, the median house price decline in the recession was because houses like this took large hits.