It's important to note that Detroit may have higher vacancy rates and lower demand, which could impact rental income and property values.

Interest rate, even if this is a cash deal?  

Not sure what the going rate is.

At any rate, thank you for the info.

Good news is rates are starting to trend down and property values are still growing.The cash out can serve two puposes it can help pay off some high interest credit cards and be used for a down payment. 

I'm getting concerned because I know from all my BP reading/learning that expected PM rates vary from 5%-10%, so I was preparing to pay on the upper end of that to make sure I find a "Rock Star" PM (as BP books would emphasize doing).

But generally speaking, you can give referrals right here on BP to lenders like @Landon Hoon or @Michael Barbari - they appreciate these shoutouts as do the investors looking for rock star lenders and property managers like Landmark!

As for what I can provide, I've been strengthening my underwriting skills by analyzing deals on LoopNet, diving into metrics like NOI, cap rate, and the 1% rule.

I would use nontraditional REI strategies right now, due to interest rates and housing premiums.

Unless rates are finally cut and prices rice, then maybe it’s a six figure mistake.