I'm in Columbia, South Carolina by the way and no I'm looking to build in another city but in South Carolina.

With $750K, start by focusing on cash-flowing rental properties in stable markets like Indianapolis, Kansas City, or Birmingham, blending appreciation and income.Use financing strategically to scale while preserving liquidity for value-add opportunities like BRRRR or small multifamily properties.Allocate a portion of funds for flips or mobile home parks to diversify and boost capital.

If not you might be stuck with the work and the commitment to doing it since the city would be the ruling party.

I don't know CLE per se (I'm based in STL), but I know the financial side of gut rehabs in urban centers of big cities.

If that isn't satisfactory speaking at a city counsel meeting about the subject would also seem appropriate. 

My previous renters were relocations - either had sold their home and looking to buy another (low inventory so takes a while to find a home to buy) or moving here from another city and didn't know yet what neighborhood they want to be in, or alse building a home and need a place to live until it's completed.

Jacksonville has been building at record levels and is/was one of the highest cities in the country delivering new housing units as a percentage of existing housing units.

I sent an email to the city and received a long response.

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?