Todays market vs a different market will also impact your buy box. 

I’m looking to invest out of my home state, Texas, and have narrowed it down to 3 markets.

hope it works.. but throwing in the affordable housing requirement a lot of times kills the project right there.Also at least in markets I have worked the time lines START from completed submission.. you make your submission and then get an incomplete letter this goes on for months and months soo time lines still extend.. but at least its a step in the right direction hope if works.

Since you're focusing on Dayton and Cincinnati, you'll find plenty of opportunities in those markets.

How valuable is this location in that market? 

Engage an investor-focused realtor/broker in your preferred market (this is not a residential realtor) and start 'tire kicking' the market and properties that fit your criteria.

But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

This strategic flip leveraged our market expertise and efficient deal structuring to achieve a quick and profitable transaction.

And the market trading DOWN is a VERY real potential. 

Market Demand: Buyers love move-in-ready homes, and flips are often the most attractive properties on the market.