Yes, these rents are considerably under market! 

The millage rates are listed on the Michigan Treasury website so it is not difficult to estimate how much the taxes will rise when the homestead rate is removed.

My wife has a pretty good job and aa great boss that has been very considerate of my situation.The math anaysis side of investing is very important and must be done before all offers as well as looking at the prospective property or at least have a clause in the sales contract that allows you the time (about 10 days) to make a detailed inspection and possibly back out of the deal without a penalty that would hurt to lose.  

. ($800 for the 2 bed 1 bath, $800 fro 2 bed 1 bath, $800 for 1 bed 1 bath with garage spot, extra garage spot $75 to whichever other unit wants to rent.)Other consideration, I currently live less than 5 mins away and pay $1100 per month in rent.

The home prices are so expensive here, it's very hard for the first-time homebuyer to afford, and the inventory is still quite low which seems to be causing prices to continue to rise. 

However since I will likely have to use a commercial or portfolio loan (I want a cash out refi or credit line secured by the property/business, I am of course willing to personally guarantee) I think it is reasonable for the underwriter to appraise the property taking into consideration cap rates/business income to derive the value.

In an effort to bring urban sensibilities and conveniences to these residential areas, there has been a rise in mixed-use developments.

Overtime I realized it was because the USA is one of the only countries where the population is rising and projected to continue its rapid growth (as compared to them). 

@Steevee Reroma Always take the drive into consideration.  

Being new at this, I'm sure I'm missing some considerations.