This is highly desirable price point for young professionals who desire staying in the city limits but need additional space for a growing family.Given the trade-offs the neighborhood may not provide the lifestyle many young single professionals desire in terms of easy accessibility to nightlife and the financial district where many of these professionals work during the day.

Most rental properties will trade at very low cap rates (3-4%) and then if you get financing at 4%, you don't have any spread over expenses to cash flow or even pay your operating income.  

We have encountered similar issues and they are far from insurmountable.You would have to add egress windows and supply either emergency ladders or a fire escape, pending on what local code requires.    

But then i thought what about if its a emergency then what would i do. 

Thriving or emerging downtown - Google search 9.

My primary focus right now would be on rehabbing/ flipping since I'm comfortable with the trades and love to work with my hands.I'm sure I'll find tons of information and motivation here and hope to contribute back.

I know of a recent 10 unit 50s style that traded hands.

For hands on experience/learning find work in the building trades, property management or a large corporate apartment property company.

One particular and fairly recent case in Flint, Michigan found that the City of Flint was incorrectly carrying out their rental inspection program by not allowing for tenant's refusal and specifically stating in their ordinance that an administrative warrant was necessary where the tenant refused--if the inspection was not an emergency. 

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.