Based on your budget and risk tolerance, in-town subdivisions such as Oakland City, Sylvan Heights, Capital View, Pittsburgh, and Peoplestown are all areas I'd recommend from an appreciation-based investment standpoint.

A permanent repair, have to address the reason it rotted in the first place of course.The labor cost is the same, I know what product's I'd use

I’d like to connect with other local investors in order to learn but I don’t know where to find them.

Yeah, before this, all I'd ever found was a deck of playing cards with 52 sexual positions on the back.

No offense Melanie but I'd rather own 20-30 in Ohio than 5 in Cali.20-30 in Ohio and managed well is retirement.Owning 5 in an appreciating market is speculation.One can't pay the bills from speculation or appreciation unless they pull out equity.Monthly net cashflow can be lived off per se.Thanks and each to their own

If you can do one successfully I could imagine you could do two, but do you have the resources financial and time/manpower to operate two deals at once. 

I'd see if you got a warranty. in all of our new builds we actually have the deal underwritten by an external builders risk policy by an insurance company as a smaller builder it hedges our risk and helps the customers be very happy. it's typically 0.5% of the purchase price.

I’d be happy to help.

If the repair process requires painting the whole thing, which it may need to look good- I'd optimistically put the lifespan of a professional/specialized 2-part (epoxy or urethane) tub/surround (or tile paint) etc- paint job, with above average prep work at ~3 years.. a "high quality" tub respray like this will cost just as much as a brand new tub, and touching up/blending a spot repair is specialized, expensive work as well. but yes I agree with the other replies either way -(unless, *perhaps* there is already easy access from behind etc to get to the repairs and inspect flooring etc without taking tub out)- it makes sense to rip it all out so you can address any potential water damage, and overall there is no reason the resulting new unit shouldn't cost aprox the same ballpark as the repairs .. and new of course will look much better with a much longer lifespan. 

What are the chances I'd see you in a BP forum haha.