Will this be attractive for a property with about $20+ in equity?

I really like Irving and Avondale b/c the prices are reasonable and with mildly upgraded units you can really push rents while attracting a very nice professional renter.  

I wouldn't do it at $200 per suite, though you would have a very attractive price point.

You're an attractive young lady - I bet they'd even let you tag along w/ them & get mentored.

Our Buyer: Purpose: Buyer needs new place of business-successful growing home improv. business who is a subcontractor of mine - very attracted to owner financing and wil complete rehab at own expense.Willing to Pay: 125k purchase pricew/ Down Payment of 40k (20k to seller and 20k to us)Terms: TBD but would likely accept terms of: approx. $2,000/month pay. 5-10 yr. term @ 8-10%possible balloon payment in play as well We dont want potential legal ramifications from a deal structured this way.

@Linda LinI agree, the numbers are attractive, the distance is the issue.

that may be a little more than what could be included for a good ROI on this project, I guess it'll depend on the remaining numbers as usual, though visually it would have a huge impact and the target market for this project would really be attracted to it. 

I would say to make sure it suits your personality type: you and your wife can take as much time reading those signs at all the little roadside attractions and parks, you have nowhere to be.

But be sure to get a sense of its attractiveness compared to other markets.Good luck!

The prices for houses in Detroit may look attractive, but some of those house would overpriced if they paid you to take them.