Yea problem is the cost to retro-fit these buildings into something usefully is usually more than starting new.

Then, when you have a better grip on the neighborhoods and strategies that make sense, you can buy.

Excited to jump in more and see if it will fit my needs. 

However, there aren't any comps of new construction in the area beyond land sales on brand new neighborhoods, and existing sales of older 4 / 2.5s are in the high 200s.

If the answer to the last question is yes, I think it'll be a hard choice.I see a reasonable appreciation rate for underwriting at about 6% based on neighborhood scout, so nominally I think you'll make 10-11% if you had paid cash which means I think you'll do quite well holding on (20% returns or so). 

You'll likely need to be in a C/C+ neighborhood to find the 1% rule, but you can still break even or sometimes get some slight cash flow in the B neighborhoods of Columbus.

Curious...have you already identified a specific neighborhood in Findlay where you see the most potential, or are you still exploring the entire city?

Indianapolis and surrounding areas often offer strong rental demand and reasonable property prices, so you’re definitely looking in the right place.For neighborhoods in Indianapolis, I’d suggest checking out areas like Fountain Square, Bates-Hendricks, and Irvington.

Areas on the outskirts or neighborhoods that are transitioning could be worth exploring, where you might find a better deal compared to the city center.Another option could be looking at multi-family properties, which can offer better cash flow than single-family homes.

However, there wasn’t much residential use and I couldn’t figure out where the housing neighborhoods are.