My advice would be to assess your risk level (I personally love risk.

Since you need to make some improvements to get the rents to market levels, it could make sense for you to inform all of the tenants you will not be renewing their leases so you can fix all of the units at once and then get them rented. 

It was a fixer upper with wonderful bones.

You are overreacting to an embarrassing level.

There is some gray area here from the seller's perspective as not all brokers operate at the same level as I do. 

You can find fixer upper multiunit properties which will in turn cash flow better after you renovate.

I believe both Columbus and CCA tax off of income so the income wouldn't be includable on the return where it's not present (100% apportionment to CCA).It's very important to note that not all jurisdictions in Ohio tax at the local level and there's not a ton of rhyme or reason as to why outside of bigger localities being more likely to do it usually.

Is it worth the money to level the concrete in the basement of a future rental?

Im not a self fixer upper guy, so not real interested in those types at this time.

This community is full of knowledge, support, and inspiration for all experience levels.