I read that article and it was an interesting read.
I live near Grand Rapids, MI which is 2 hours from Detroit, the house prices here are ridiculously low as well. One of my clients has a great business of working with investors setting up LLC's with the partners and he buys the properties rehabs them and manages the rental of the units and it is incredible how easy it is to cash flow with them at these low prices, plus he has been able to maintain over 95% occupancy. I think he has now rehabbed and rented out around 300 units. There is some great investment opportunities out there in cash flowing rental units.
SmallCap