I call it "strategic" leverage, to make it appear cooler. 

A lot of universities have students that need mid term housing due to graduation dates, mini semester programs, etc. and I've found if you approach them and offer them a solution to this problem, they are willing to work with you and help send business your way. 

It appears to hold much year round potential with the right tactics and tools.

not sure how sec 8 works exactly in cleveland but in areas I owned sec 8 leases could only be written for a year.. also its only guaranteed if the home pass's inspection and the tenant stays on the program etc etc.. if you have a GOOD sec 8 tenant then yes its very predictable.

They reported a window sill being taken off and it would appear someone broke in over the Christmas week.

That appears to be the issue Caria is facing. 

I've seen a few foreclosed properties around my area for less than $50k in neighborhoods where it would appear that if these homes were really fixed up they could ARV for $120k (or more).

This gives you what should be an easy means to get rid of what appears to be a less than ideal tenant.

Landscaping upgrades, exterior painting, new siding, a new roof, and upgraded front doors and windows can dramatically increase ARV by improving the home's exterior appearance.5.

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.