3rd ward had a lot more on the market and commanded a higher rent, but if you've spent any time in 3rd ward you know that those MF properties that border the museum district tend to be the nicest (hence the higher rent, closer to amenities) and as you go East you start to lose neighborhood quality - this is a gross generalization, of course, and just my observation.

As it straddles the TN/KY border both states have a very significant economic interest in seeing it remain open. 

Depending on your price range, in law suites exist more on the MD side of the border in the form of Basement apartments.

Clueless governments over time have added rules to "help" tenants for political reasons such as rent control, then more rules to avoid tenants abusing previous rules leaving a relatively complex system that no new government has the guts to really cleanup (BTW the city of Seattle is trying to go down the same path, clueless politics know no borders).Now, if there are still millions of RE investors, they must make some money somehow otherwise they would all park their money abroad or in commercial RE, leading to residential prices dropping. 

I gambled and told them NO---that he owed that amount and I was not willing to settle for less.

Both have relatively hight taxes in the ball park of 4% of retail value and they both border some rougher neighborhoods.  

There's a lot of activity in NW Indiana right now as many people are migrating across the border from Chicago where they are still close enough to work in the big city, but live in a more affordable and less regulated environment.

You are gambling and making assumptions on things you have no control over like interest rates, employment, etc.. 

I was real close to trying one on the lake property here in central Fl .. but i let a top real estate agent talk me out if it .. if my numbers were even close ..and seeing how i could get the property with a tear down house on it for $100k w/ the house torn down .. then i was looking at putting up a 35-3700sqft container home for right around $200k and with homes in the area fetching a average $230-270 a sqft .. i figured i could have made a tidy profit for me and my partner  .. ..note ( even though the property was lake front , there was a active rr track right across the street which is one of the main reasons i passed on building anything there ).. i dont have a ton of my own money to gamble with and , i certainly dont like to gamble with other peoples money to the tune of $300-350k unless its a no brainer which means its not much of a gamble.. let us know if you do and please post costs and pictures .. i think its a great idea ....oh ya .. there are used ones and then there are one time use ones .. they cost a bit more but if you are worried about dents and what not then i would pay the xtra ..

Now that the country is 24 trillion in debt with a giant employment problem, huge geopolitical issues, domestic politics are bordering Banana Republic, those are not signs of a strong country.