If you are thinking about buying in Detroit you need to work with a company that knows the BEST areas to buy so you will get the HIGHEST return on your investment at the a low price and have QUALITY tenants waiting and wanting to rent your property because its in an area they will pay HIGHER rent for.
Example: your all in price, which includes purchase price, closing cost, and rehab cost. should be between 20-25k
Then you have to decide, do you want to rent and hold our or land contract to buyers. Either way you will generate CASH FLOW MONTHLY.
Lets say the rent the house for 750mo, and your expenses are 400mo that leave you 350mo CASH FLOW your ROI (Return on Investment) is 16% Not bad.
If you have anymore questions email me @ firstname.lastname@example.org