@Zach SchwarzmillerIf you're not at a high price point, check out the vinyl "wood planks."

This is what I have budgeted:$3000 for appliances$350 sink$100 garbage disposal$450 hood vent$300 facet$100 backsplash$350 hardwood floor$1000 granite counter top$1000 white wood cabinets with silver hardwareFirst question: is this a reasonable budget for what I'll need to buy? 

You can also go into some of the less sexy areas(North End, or Mexican Village) buy it and hope the neighborhood starts to turn in 5 years, and in the meantime some of the newcomers to the city get tired of premium rent, leave Midtown stay in Detroit, and land in those areas(two of my tenants have in the last six months).

They said to me look at Tiger Woods...he has a coach......Right now I am working on my first flip

Roof, new bathroom, leaking plumbing destroying wood, sewage leak.  

So a starting low cap of 4 and healthy increases gives them a blended cap rate of 5.5 to 6% over time.As a seller or a developer I would also think to myself to sell to these buyers for a premium.

@Frankie Woods @Mark Nolan @Dmitry Fomichenko Thanks for the warm welcome.

I was born and raised in your neck of the woods and understand your market.

@Meghan Reed I have a foreclosure property that may or may not get approved by the court in your neck of the woods.

Wood, steel and lead.