If you had 150k you could buy one 400k property with 8k property taxes that rents for 2500/mo or you could buy two 200k properties with say 3k property taxes per month each renting for 1800.

A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too

Speaking to a contractor, just to remodel 3 of the 8 buildings could cost around $750,000. 

Despite the equity We also want to take advantage of tax advantages we did stay in the property for 2 years !  

Logan county has the highest price per square foot new build in our market right now almost $400 per square foot.

Sell, get the tax savings while you can.

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

https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

Note that the diagram doesn't consider tax implications—that's another important factor you'll need to include in your decision.

(Loan paydown, tax savings, etc etc..).