But I'm sure a lot of the more experienced rehabbers on the site can give a better opinion on the best retail values which may be in the 100-200k range. 

If that's listing probates, then you'd better know the process, court system and be an experienced problem solver.

Crap for 1 to 15k per house if you have to just abandon one because it did not work no biggee.. you have lost next to nothing monetarily. keep the ones that work throw away the garbage let them go for tax's.If your sitting in CA or AU or GB  or other foreign countries and you think these cheap homes are going to make you rich.. then your just perpetuating the greater fool theory in my mind... and the end of the day simple logic has to dictate.. if houses on the open market were any investor  experienced or not can purchase them for 1 to 5k  well then there is a reason.. and there is a reason that in LA or SF or PDX or SEA  or New York or Boston or other prime markets that values are where they are at.. supply demand and ability to pay for the asset.Detroit bottom line just needs to retrench.. if its only 700k pop now and declining and there were housing stock for double that.. it does not take a genius to understand there is a gross over supply and the better owners or tenants are not going to live in the roughest and most dangerous areas of the city they will flee to safer more stable environs because there are massive amounts of homes that can be bought in nice areas for 100k and under.

Can you add an additional bedroom in the basement or attic(assuming it has either).If your looking for further confidence I would try to partner and split profits with an experienced investor in your market who can help you vet the deals until you become more confident. 

I took the advice of an experienced investor 19 years ago and got my RE license.

Too bad the knowledgeable and experienced sometimes also carry a switch.Just letting you know I feel your plight and know it's tough.  

I know it probably doesn't help ease the pain but many, many other people will benefit from your insight and you may even pick up some valuable feedback from the more experienced folks on here that will help you on the next one.  

@Erik RomzekNo experienced flipper/wholesaler would touch that deal so someone without experience needs to run from it.  

I do not own any homes yet but want to buy a MF home where I can live in one unit.Doing a search on Trulia, Zillow, MLS, Realtor is not giving me much, so am wondering whether I am barking up the wrong tree for this market.I would love to hear from experienced investors in these areas what would be the best strategy for this area.

I'm very much looking forward to networking and connecting with experienced wholesalers and owners of small multifamily properties in the Raleigh area.