This question is mostly idle curiosity.
Recall the following standard terminology: if $P$ is a property of groups, a group $G$ is said to be virtually $P$ if it has a subgroup of finite index which is $P$. First, a preparatory question:
Is there an established name in the literature for invariants of groups which are invariant under passage to finite index subgroups?
For example, I think the quasi-isometry class of a finitely generated group has this property. Somewhat more generally I think the coarse equivalence class of a group has this property.
For now let me call such things "virtual invariants." It is tempting to try to study virtual invariants by studying the universal such thing: namely, start with the category of (possibly finitely generated) groups, then localize at the inclusions of finite index subgroups.
Has anyone computed anything about this localization? In particular, is there a model category structure on (possibly finitely generated) groups with inclusions of finite index subgroups as weak equivalences?