I do recognize the GR is an extreme case and hopefully we do not experience anything similar to GR.So their theory does not match my reality as someone who actually had well established STRs at the GR.I suggest you be leery of people who present theories without any experience related to their theory. 

As you said, having 6 months of rent coverage Is extremely important.

There are definitely 2 schools of thought, finance nothing buy everything in cash, or less extreme version that encourage not taking on debt to invest - the "vermillion school".

In all honesty, this rental increase in a depressed area makes me wary that future increases will be more unreasonable and more extreme, and I should "get while the gettin's good."

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

I also am extremely dependable and organized. 

I really see Columbus Ohio as an extremely safe bet for the next 10-20 years.

@Richard Edgar doing a cash out loan on land is EXTREMELY hard...I might even say impossible...but I can't speak for every lender in the country on this though. 

Now if your going to say well you can always do creative financing and get seller financing well yea I guess I could, but I think that would be extremely difficult for me seeing as I have no track record and the seller would be less likely to do that considering that I can't demonstrate that I have a history in the business of honoring my deals.

At current rates, it would be extremely difficult to have maximum leverage and have any property pay for itself through normal rental income.