pretty tough to do in Cleveland on asssets bought at 70k. anything goes wrong  like over run on rehab ( which is super common as we all know)  something gets stolen ( very common ) bad contractor  ( very common dont care how well vetted they are) and or it takes 2 to 4 months longer holding costs go up by 3 to 5 k.. so any of these things hit you and 10k is poof.. gone  plus you dont live there. 

I would rather have 4 Class A properties than 20 Class C properties (20 roofs to replace, HVAC, more tenant issues, property management fees, AC unit stolen, etc).Wealth from real estate is built on appreciation and equity - look at all the multi-millionaires in coastal California whose property values have gone up dramatically over the years and our property taxes increase 2% a year from the base value (Proposition 13) compared to other states whose taxes go up a lot.

Appliances stolen?

Just worried about broke in or stolen on the apartment, if they know you are kind of well off.

Fast forward 21 days and the police bust the apartment door in and arrest him for drug trafficking and possession of a stolen firearm as a felon (according to the newspaper).

If anything is stolen, expect bigtime liability. - The AC example is weak, you can see window AC units from the outside without having 24/7 monitoring access to the front door.- Is monitoring the comings and goings of your tenants really a good use of your time?

I invest in Birmingham and there are neighborhoods that would do well for cash flow on paper but then the neighborhoods are rough, which means my cost of maintenance is going to be higher (broken windows, stolen HVAC units, etc).

I would want the tenant home or me be present when maintenance is there.Too much liability for letting maintenance in with no witness.Tenant could claim stuff was stolen and you couldn't prove otherwise.

My "lower quality" home ("Class C") in Indy had the AC unit stolen and also a recent attempted break in the second house but on paper they're supposed to cash flow.I'm not recommending that the OP go buy a $1.5+ million dollar property (SFH or duplex) in the Bay Area and try to do a long term rental. 

Also make sure you secure your building during renovations, I had stuff stolen during construction when I did a full rehab which was a pain.