SO that's good news because you now know what a bad deal is so stick a feather in your hat and look for better numbers.You say you're in Portland, I find it impossible that within an hour of the center of Portland that there aren't any good deals.

Currently my wife and I are in the end stage of a fix and live in.

I'd love to provide a ton of info on this but @Engelo Rumora  really covered the major points.Lots of midwest cities are stable economies and population centers and extremely high rent prices compared to acquisition costs.

CCIM designation is great education even if you do not pass the test, like a CFP in Financial Planning.CCIM Courseshttp://www.ccim.com/education/ward-center

ThreatsIncrease in Rental Inventory will slow rent Growth - Rental Bubble May Be Looming With Over 13,000 Multi-Family Rental Units Under Construction Or ProposedGood Read: American Rental Housing - Evolving Markets and Needs - Joint Center for Housing Studies of Harvard University

I know most discussions on BP center around long term or monthly rentals.  

We are moving to Cincinnati in order to be closer to the Center of the Universe.

Amazon just opened up the distribution center.  

Ranging from super nice (point Richmond; Richmond hills) to nice/average (North & East, Annex) to true blue collar/lower end (civic center & SW hoods), and watch out!

You're clearly at an early stage to this process where it may be best to talk with an architect, they'll be able to consult with you about feasibility, code restrictions, permits, space planning, construction methods etc.