For context, I'm based in the SF Bay Area in CA and looking into buying my first OOS rental after house hacking locally for 10 years.

Potential redevelopment or ADU play. 

You’ll face hurdles like maintaining a steady deal flow, securing funding, managing renovations efficiently, and optimizing your exit strategies.This guide highlights key strategies for investors looking to transition from single deals to a scalable, volume-based distressed property investment model.1.

Based on the numbers and my strategy, do you think this is a good investment for my first property?

Quote from @Brandon Croucier: Financing a commercial MF that runs as an STR is possible.Appraising a property based on the income is not, whos to say a buyer would STR the property. 

Without doing a deep dive explanation on this forum, I will say that everyone can play with numbers to create whatever picture you want.

He is based in Indianapolis and works with a ton of OOS investors.

You can probably make decent returns in Akron based on gross income and purchase price.

In that scenario Section 8 tenants are the least risky tenant base. 

There are to many variables in play.