They are a commodity, and owners are competing directly against hotels in this space, so rents are ultra low.

The median home price is also very low nationwide which creates a low barrier to entry.

Cleveland and Dayton can be great markets for high cash flow and low purchase prices, but you need to be careful when navigating the neighborhoods so you're not buying in a D/F class area where no property managers will manage and where you'll never see any positive cash flow.

if it's low and you sell, that rate is gone forever. 

Capacity and Tolerance. 1) Capacity: how many people can you comfortably fit in the property, is there room to add more, or add more value to the tenants to increase rent.2) Tolerance: How many people are you comfortable living with, if there are vacancies are you able to handle that.House hacking is an amazing path to homeownership, and a nice low barrier to entry into self managing your properties.

I would confirm by seeing the product then going out and checking comparables in that market that have sold. 

We came in low with our offer, but were willing to skip the inspection (which had already been completed before we offered) and stipulated that we would close in 20 days, which was super valuable to the seller.

It's no different than anything else that people try to DIY: it can be done but beginner's mistakes will be made, the end product usually isn't as good as a professional would have done, and it usually takes longer and costs more. 

Because, it's way too low. 

I cannot assist w/ the acquisition of the property but do have an FHA product that is specific for home improvements.