Cincinnati, and Northern KY (referred to ask Greater Cincinnati)These areas could be perfect for what you are looking for.

The property has a massive 900+ sq ft attic with very tall ceilings that would make a perfect 3rd unit potentially grossing another $1000 per month. 

Continue Renting options (self-manage or PM) - Our initial experience has been smooth, but of course not perfect.

they said around 90% of market value.I tried to get them to understand that this property needs a LOT of work, almost a full gut, some holes in walls (small) old carpet needs to be ripped up, i mean like the works on this thing, you can prob get away with touching up the kitchen since its real hardwood and the bathrooms as well but this prop needs at least 80k.Found out owner actually owes 140k on property, and zillow is zestimating it to be 127k.

Don't wait for "perfect", don't wait to be sane. 

Oh perfect!

I do see lots of self storage and warehouses going up, so my default assumption would be that the old shopping malls do NOT trade for less than build cost, but it's possible that the marketplace is not perfectly efficient. 

STR management is 20-25% (I would recommend self managing or getting a VA), since income is higher you could probably get away with 5% for maintenance / cap ex but remember you need to cover utilities and cleaning for these units which drives up costs.

Having graduated from BC myself, I understand the charm it holds, which can be perfect for the right person.What year did you graduate? 

This deal aligned perfectly with my strategy to build equity and cash flow while leveraging hard money financing and refinance opportunities.