The people who make bank on the Detroit land grab are going to be large developers, not the dude trying to flip a house.
The city has a long way to go before there's a revitalization, more than 5 years, and it's going to be on the backs of adventurous young people, not retirement community seniors.
What I'm trying to say is, I don't know anybody in Michigan who thinks it's smart to buy a 10K home and then put their parents in it for retirement. Maybe some others can chip in here, but all my friends who are from the Detroit area don't ever bring up this plan of buying those homes. If anything, they're all setting their sights out of the city.
Agreed, I also don't think you are going to want to be that far from U of M daily. Detroit is a pretty spaced out place, sure you will go down there for the odd thing, but to commute daily for Graduate school is going to get pretty old pretty fast.
Detroit is rebounding in my opinion. It is going to be hard, but I think connecting downtown to Midtown through the entertainment district is a very big deal. Other projects and money needs to go in, but this is the most confident I have been about a downtown rebound in a while. With that said, I don't think we are to individual buyers level.
There are also the issues that until the arena is erected that remain. Sparse grocery stores, department stores and things you would probably count on daily. These are a big part of the development project surrounding the Wings stadium project, along with several prominent money people in Detroit and the ongoing efforts of Wayne State for a while.
Now I don't live there anymore though I have considerable family ties that still call the area home, but I cannot really endorse this plan in terms of what I know of the area today or probably in the five year projection.
I have several friends that attempted living in Detroit out of college that quickly relocated to the suburbs. I think it is getting closer to a day where more stay, I just don't think it is there yet. There are a lot of variables that impact this.
Bench puts in an excellent point, many of the lots were bought as so called lottery tickets to be cashed for the billionaires developing land. The Ilitch's, Ford's and Gilbert all have interests in what they are doing though, it doesn't necessarily mean they will help all of Detroit, though the city benefits a great deal from their commitment. 10K plus probably double that just to fix the home is a pretty big investment given the uncertainty of which areas might come back and which will not. You could still be sitting on a 10K investment with almost no probability of moving it a decade from now if the fix up area you go for doesn't take off.