High taxes.

These homes may be dated, but they can be decorated to a high standard.

I think it is fair to say that there is somewhat of a tradeoff between markets that provide positive cash flow on day one and relatively high appreciation-based markets.

Building on existing land helps eliminate the issue of land scarcity, which is a significant challenge due to California’s high real estate prices.

High ceilings, quality built from the factory.

Zachary,Your concerns about Cleveland are valid—high property taxes and stagnant population growth are definitely challenges to consider.

The Real Estate Guys do a great newsletter with lots of high-level information about the economy and how it impacts real estate.  

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). 

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years.