My husband and I just made a trip down and toured a number of what seemed like attractive options, spanning neighborhoods including Avenida Balboa, Costa del Este, and Clayton (among others).

Hi James, Your best bet is to search Google or BiggerPockets for hard money lenders in your area.However, you can also contact private money lenders directly and shop around for the best price yourself. 

I don't see how that's not a perfect opportunity for a new investor.Is it better to shop where houses go over the asking price? 

It sounds like you just don’t have that type of relationship with any agents in your area yet, or you’re shopping for properties that aren’t worth the effort for an agent to beat the bushes to find for you, or you’re not the kind of buyer who agents will send their off market deals to.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Exploring vacant land in suburbs or up-and-coming neighborhoods could offer you cheaper build costs and potentially lower taxes as well.

on the one hand, the sheer number of total units owned by the institutional investors seems to me to be fairly low, but in certain neighborhoods and cities it's certainly substantial.I try to take in a diversity of viewpoints and opinions, even ones I don't agree with. 

Where you run into trouble is East side neighborhoods in the city of Cleveland itself.

Shop your mortgage. 

My wife and I were both teachers at the time and found a great house in an “emerging” neighborhood.