V. There are some questions real estate professionals cannot answer because of Federal and State Laws.
There are 25 homes for sale in Madison Hgts from 22,000 to 50,000. There are updates about Madison Heights market under Heat Maps on Trulia. I cannot answer which parts of MH would be easier to rent. Rent is based upon fair market value of a home. This would include the cost of the mortgage plus interest, homeowner insurance, taxes, and profit. This number would vary by home and be dependent upon the cost you incure to bring the home up to code. Investment choice would vary by home, again it is dependent upon all costs associated with the home and future home values.
I suggest you join a local Real Estate Investors Association prior to making a jump into investing.