While I know that return goals are different for each investor and their specific goals, it seems that a bad or low-performing deal for one person might be what another investor is looking for. 

Your total project cost is only ~ $143k. 3c) Your interest rate is probably going to be in the low to mid 7s, at least4) All states/areas are different, but I usually see with my CFO clients that their property taxes are higher than their insurance, with taxes often 1.5x higher than insurance.5) Lastly, I saw PM fee of 8%, are you paying someone else to manage this?

It's no different than investors buying and negotiating low prices on distressed opportunities.

The owner occupant rate is super low compared to many states but as a rental it goes up alot.  

It's tough to give a definitive answer without knowing your specific investment goals (cash flow, appreciation, etc.) and preferred strategies (BRRRR, wholesaling, etc.).However, since I'm a Cleveland native and active in the real estate market here, I can offer some insights on why Cleveland could be a good fit:Affordability: Compared to many other major metros, Cleveland offers a relatively low barrier to entry.

Not sure how one would make money on this. they are following the buy high sell low concept of investing. !!

We’re at or near record low foreclosures, you’re farming a hard row. 

Since competition is high and inventory is low on Long Island, I recommend BP members try to go direct to seller which is an active form of building an off-market deal list. 

Is there a pre existing loan with that bank with either of you?

Purchase price: $325,000 Cash invested: $2,485 Sale price: $335,000 Low upfront cost due to creative financing.