I would think Dexter would command closer to $1,000 and Ypsi would be around $700.

Let's just say outside of Ann Arbor I can make a 25%+ return on a flip and command higher rents once add value is complete. 

I could see it becoming more trendy in time and prices becoming a little closer to what the other side of the tracks command. that large apartment development is asking top dollar. $2300 for 2 bed units !?

The portion of the property was the "lookout" of Lookout Drive, a piece of land with a commanding view.

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Again, that is just a rough look at the property, the rent the units can command and the overall purchase price are more important to drive the cap rate, cashflow, etc. 

It incited me into action, but cautiously.Likely without that exposure, I would have let my fear command me and would not be taking steps to try real estate investing.

If you provide a clean and nice place, you can command a higher price that's deserved and attract guests who will treat it properly.Also, don't over-amenitize (I don't think that's a real word). 

On the rent portion, some areas do command near $2k if not more.

I've seen it many times.Like any dog, and person for that matter, there can be the occasional "mentally just not right" issue, but the ones who are "bred for fighting" are actually just obeying their owners commands & sadly, doing what is expected of them.I mean, come on, haven't you ever read Peter Pan.