@Drew Sygit has some good resources on investing in Metro Detroit, including the city proper.

In virtually all markets, the high LTV loan on the refinance at market terms will create an initial monthly negative cash flow when properly allocating for vacancy and sustained expenses for traditional LTR.  

You don't have the same skills, knowledge and resources as a pro.

As others have noted, you first need to back out the land from the $300k based on a fair market value allocation of the lump sum purchase price (some methods include using a tax bill for the land / building ratio - there are others).

TIA you're an amazing resource on bigger pockets!

The real risk isn’t just missing extra depreciation, but misclassifying assets, mishandling rehab allocations, partial dispositions, and bonus depreciation, which can far outweigh the fee of a professional study. 

ResourcefulResourcefulness is the ability to find a way.Machines break.Systems malfunction.Employees disappoint.Competitors upgrade.Resourceful owners adapt.They build vendor relationships.They learn enough mechanical knowledge to avoid being overcharged.They respond to customer demand.They adjust pricing strategically.You don’t need to know everything.But you must be capable of figuring things out.In the laundromat business, resourcefulness is profit protection.5.

Weird timeI have no idea how they would do it especially given that money has already been spent or at least allocated.

I have a couple of tenants who have come from that resource and in fact one of my tenants is actually a pastor at a local church!

I have tried exploring the accessibility I have to those whom may be able to fund the deal yet I haven’t succeeded in finding the proper resources to make it come to fruition.