I am looking to connect with local buy and hold investors in the city of Detroit to learn the desired ROI being sought on a rental property in the current market? 

I also saw a desire for HOA protection from extremes like junky cars up on blocks in the front yard, but much looser restrictions overall so that people could do what they wanted without a lot of interference, such as chicken coops, 4H projects, vegetable gardens, barndominiums, etc.

The more desirable a property is, and the more desirable the location is, the lower the cap rate will be.

This first one has NOT been easy and we have been under contract for nearly 2 months now, but I am committed to make it work because I think it is a good first deal.I am under contract for an off-market 4bd2ba 1800sqft property in a desirable location of my city (SLC, UT) for 400K that needs some TLC but is livable.

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-Previously mentioned but what drives desirability on tenants end are high ceilings, loading docks, yards, access/location, sprinklered buildings.

Condition and age of property--Don't want a high maintenance property with a bunch of CapEx around the corner.Marketability--Will it be a desirable rental for quality tenants?

But these are pretty desirable places to live. 

Located in a very desirable part of town, the rents are $995.00 and the tenant is the Director of Nursing at a local hospital.