Again not many of these people around anymore when everyone just sheetrock and mud. 

If you put yourself in a position where you’re holding the property for a long period of time and have no money to keep it up you’ll have a lot of deferred maintenance and an undesirable property.

(I actually know how to use a *calculator* to determine the time value of money (investing) ;-) Costs, taxes, operations, hassle, rent controls, traffic, unfunded pensions, state liabilities, earthquakes, fires, mud slides, other taxes and more taxes, other risks, unresponsive government and on and on.

I am curious as to what areas in Cleveland you are investing in and how to avoid falling into the "unbelievable" home price trap when the property is in an area considered undesirable and high crime.

What if someone breaks into the property, or neighbors make it undesirable as a place to rent?

Fitchburg has very attractive prices, and rents may "look" promising, but Fitchburg definitely has quite a few undesireable areas and the tenant class could be quite challenging. 

What I consider a bad area may be "undesirable" in your book.

It is recently remodeled house including a new deck, tiling, carpet, and a mud-room addition.

Those are the sorts that think in terms of their mindset and if they are an above-average investor.For me, I'm a bit deeper in the mud. 

Gentrification is permeating across the Bay Area and area's that use to be undesireable are becoming more desireable because of affordability in certain area's which increases property value.