Cost a lot to rebuild.  

If you have long term open states and closed states, people will rebuild elsewhere.

The true deals tend to be in super old homes that are ripe, not for flips, but for total demolition and rebuild. 

As for the homeowner insurance, that's usually calculated based on replacement value, what would it cost to rebuild the property if it ever becomes a total loss.

Unless the house is old enough to be historic, it seems cheaper to tear the thing down and rebuild to suit.

If I get these deals done I'm trying to figure out if I should just do a more traditional Rehab, or if I should try and go big and do a complete rebuild with an experienced partner.  

We closed the business and were literally sent back to square one.After 5 long years of rebuilding ourselves, we are finally at a point where we feel we can begin to get back into real estate investing, as we both still believe that investing in real estate is our ticket to early retirement from the rat race and have a nest egg large enough to outlast us by many years.This time around, we plan to focus purely on buy-and-hold rental properties (long-term and vacation rentals). 

Whomever told you that gutting a property and rebuilding it for 30K in Baltimore City literally has no clue what they are talking about, guts are running 50-55 dollars a sq ft, so 1000 sq ft will cost you 50k-55K to rebuild correctly.

I think they are still rebuilding from the massive fire a few years ago. 

If the distance management is too much then you can let go of Cleveland and focus on your new market that you have already started rebuilding in.