[legion]

"Rentable" is a relative term. Perhaps someone closer can chime in, but my impression is that these types of homes are slums and the types of residents they attract are usually in either the international trade business or the hospitality business (drug dealers/gangbangers and prostitutes). You have little long-term gain potential. These places have been slums since the '60's. The only chance for the value of homes appreciating in the area is if they are all razed--and no one in the state or city has the political will. I, for one, wouldn't even venture into the areas of Detroit where houses cost this much, let alone think of buying one.

Another thing to consider with Detroit and its greivance politics.... You can't afford to keep these properties up based on their value and the rent they generate, so you just let them continue to decay with only minimal maintenance. Some day, (and this has happened in Chicago already), you will be called a slumlord in the press and the city will "vow to go after you". You will be forced to sell to avoid a protracted and expensive legal fight over a $5,000 property--which you will probably sell for $2,000 or so to make a hasty exit. The person who buys your house will be politically connected, they will buy dozens of such properties where the owners have been put under pressure. After all of the "absentee landlords" have been evicted, the city will claim victory. The new owners will do exactly what you did, but they will be insulated from any further harrassment by city government.