Welcome from Western MA 

I have family in Western NY who pay 4-5%.

So, I think that water shortages in the Western United States are more likely to limit new construction in the next few decades, which will force prices and rents up.

The property is located near the Cleveland Clinic, University Hospital, University Circle, Case Western University, museums, etc. 

The hollowing out of the rust belt might be a way to describe it.Much of upstate and western NY is the same.

I used to be a property manager in the city as well, but moved to the western suburbs.

He needs to pay and pay now.Perhaps you could look at Western Union.

hi david. well, let me start with this. if the house is vacant, and there is a sign in the window from a property management company, then the house has already passed to the bank. it may not be fully foreclosed on, but it is well into the process. the chances of getting it from the bank is slim. basically, you would have to find the owner and pay off the entire mortgage and costs applied thus far to aqquire the house. hard to do. but, here in erie county new york, i find the owners information at www.erie.gov. where you are may have a similar website. usually, at the website, you will want to look for real property information. also, the erie county clerks website will show me any and all legal paperwork filed for the person named as the owner. this is important because the paperwork you find will show you how far into the foreclosure they are. banks have been known to give up on properties that are simply never going to get them enough in return to make it worth their effort to go thru with the foreclosure. they simply file a release of lien or release of mortgage with the county clerks office and they literally give up any claim that they have to the property. usually then, the house ceases to be taken care of by the property management company hired to do so, and it falls into the usual state of disrepair after. at that point, the bank sends a copy of the release of lien to the previous owner and boom, the owner owns the house again. the trouble is that they usually send the letter to the house hat they kicked the guy out of, so he never gets the letter. after a while, back taxes accumulate against the house and if you do not act quickly, the house could go to auction for back taxes. i see you are in new york, maybe not western new york as i am, but you should be able to find similar websites for your area, or just pay a visit to your local county court house. good luck to you

You also would want to dig into the town inspection as Franklin Park, like many near western suburbs, has a rigorous point of sale inspection. 

@Darren Krett I work almost exclusively in the western suburbs as an investor friendly agent.