Trying to Wrap My Head Around Section 8 Rentals in Ohio

[Jeff G.]

I have my eye on the Cleveland and Akron OH markets for my first rental property. I'm out-of-state, in CT where properties are more expensive and property taxes are extremely high. Those markets caught my eye, not just because of relatively low property prices but because it looks like it would be straightforward to convert the properties to Section 8 rentals and make significantly above market rents in some zip codes. However, I know darned well that appearances can be deceiving.

Can someone please tell me what I don't know — but should — about Section 8 rentals in Ohio?

I've collected the following nuggets of information about Section 8:

* I can't have a property pre-approved for Section 8, I have to wait until I have an otherwise qualified Section 8 applicant in the pipeline.
* The initial approval process takes 1-2 months. So either the property is vacant for 1-2 months OR a Section 8 tenant is coming in to replace a standard tenant.
* Section 8 requires additional inspections.
* Vouchers are sized to bedroom count based upon family size.

These parts more or less make sense. But, now I'm hearing rumors that despite the "fair market rents" published on the Section 8 site it's entirely possible to NOT get anything like the published maximum. Is that accurate and, if so, how do I know enough information ahead of time to factor that into my numbers? My basic plan was to take the published maximum and shave off $50-$100 and target that price point. Now I'm questioning my underlying assumptions. I could really use some clarity here.

[Jeff G.]

@Remington Lyman, that makes sense unfortunately. How do I learn to eyeball that? Keep in mind I'm several states away. I assume someone somewhere has a handful of rules of thumb written down that are reasonably accurate for this kind of thing.