It is very competitive but if you utilize good resources and think smart you can do really well!!

The 1% rule is best only used as a quick and dirty evaluation used to pick which property you plan on running additonal calculations on.

The bigger point is that if you use Walmart, Lowes or some other big box paint the base colors can and do change which will make touch-up difficult.

You will have a very difficult time finding a lender.

Quote from @Courtney Dettlinger: Your equity is not a savings account from which you can withdraw for free.

So you would need to have your PM reach out and have them deal with it.

And with an HOA handling maintenance, have you checked their reserves?

A HELOC can help you get the cash as well.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

You can still find solid investment properties at reasonable prices, which can lead to strong cash flow.Diverse neighborhoods: Cleveland has a wide variety of neighborhoods, each with its own character and investment potential.