Think of it as s long term investment that will save you headaches down the road. 

I think the short term effect on rents is virtually zero - illegal immigrants usually live multiple numbers to a home, rather than everyone having their own space like Americans - but longer term there may be some softness at the bottom levels of rentals. i would be more concerned about the lower economic job market than I would be about rental housing.

Since then prices have fallen 95% in inflation adjusted terms.

Akron ohio isn't the best city in america for short term rentals that's crazy. it's not in the top 50 and i'ts a very struggling ohio market. it's not even top 5 in ohio. 

I've done some negotiation with the seller already and we've agreed on the broad terms of the deal.

Part of the motivation for congress writing Dodd Frank was to clamp down on the investors offering preditory terms re  rent to own and seller financing and that view has carried into craigslist rent to own adds and you say zillow. 

. $200k fully financed with 8% heloc, 30 year term is $1468/month.  

As far as investing in the short term I feel investing close to home (50 mile radius) is the best option because you have a superior advantage by knowing your market.

Investment Info:Single-family residence buy & hold investment.

Are you looking to buy and hold or flip?