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.

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.

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

Like @Collin Hays said, it is being driven more by neighbors tired of poor STR owners not keeping things sorted.We only look for places in vacation areas with a long history of owner driven STRs vs big cities and the like.

It seems Safeguard is genuinely trying to clean up the Jackson, MS, mess but they are also marketing lots of other deals in other cities still.

I've looked at shared rooms for months in different Canadian cities noting price movement. 

Its never going to work if you want to buy in the low income areas of a city and hire management from outside.

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. 

Having lived in IN for 8 years before moving to Austin TX, I believe this city offers great opportunity now and much potential.

If you do budget that much, the you will easily hit your profit target.There are currently no restrictions in Lewis county and STRs work there, but there is always discussion on them by the city.