What are your thoughts on investing in the Cleveland area?

[JC Chavez]

I have been considering a few multi-family and commercial properties in the Cleveland metro area. I initially was excited with the thought of OOS investing in this region due to relatively low cost acquisition, better CAP rate & NOI, and better cash flow. However after further research, I have become hesitant pulling trigger. Some of the concerning factors include relatively high crime(according to crimegrade.org), poor job growth, poor appreciation, moderate to high vacancy, etc.

I am not sure if I am to the point of analysis paralysis and just finding excuses to support a thesis of "this just won't work", or if others have similar concerns with the Cleveland area in terms of future growth, stagnant appreciation, and high risk. I know there are great parts of Cleveland, but I am talking more about the Metro area before you get out to the nice suburbs. I would love to hear from those who have better insight and knowledge of the area than I do. I would also be interested in hearing your success or horror stories with projects/properties you've invested in. And if you have a totally different perspective, I would love to hear that as well.