It is hard to give up the strong cash flow though. 

You value it based on yearly income and cap rate.

Despite its high purchase price, the neighborhood's strong market demand and low renovation needs made it a promising investment for maximizing profit with minimal turnaround time.

If you’re in East Franklinton then yes, you’ll experience a good amount of change based on new developments.

I own and operate a STR nearby in a strong area (Morningside just off of E Warren).

Focus on neighborhoods with strong rental demand and growth potential.Also, make sure your numbers work—factor in all costs, including rehab and holding expenses, to stay under 70% of ARV.

This property has strong potential, so think of your payments as an investment in your future portfolio. 

Based on my numbers, it shows a 45% cash-on-cash return.

I am an out of state investor and in the past I have purchased my properties based on video walkthrough that my (trusted) realtor does.

You will have no or very little cash flow within the first few years but if you have strong income and savings you'll be OK.