Here is what is wrong with investing in Detroit. So many people in Detroit are below the poverty line or on government assistance. Even though there is so many abandoned and crumbling homes there is an abundance of rental homes. I believe the majority of homes in the city are rentals. So renters can just jump from one to the other if they do not pay the rent. So entering into the rental market is tough.
I recently had another AR member’s investor want to sell some they bought. They had bought them on the high side of property values. Then fixed them up nice, putting more money into them. No they were basically upside down without even including selling costs. Another investor sucked in. He had tried renting them, but that was not working out so well.