where do you operate? 

The 50% is rather deep a cut, especially with all the additional operational expenses not included into that 50%.

Or is it a situation that the company insuring the property has not obtained appropriate licenses to operate in Ohio, therefore I won’t be covered in case of a disaster?  

Im a medium sized operator - 46 units- and my typical deal has an ARV from 200 to 230 when its finished.

You also have to build in holding costs, investor capital, operating costs etc.

Your best bet would be to connect with local operators and ask them.

You actually met the guy in person and saw his office/operations?

I would definitely look into seeing if there are any AirBNB arbitrage companies operating in the area that may be willing to take it on. 

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

I’m currently operating in South Georgia market.