For cash flow, I'd recommend checking out the Triad (Greensboro, Winston-Salem, High Point) or Fayetteville in NC and Sumter and Florence in SC. 

The Real Estate Guys do a great newsletter with lots of high-level information about the economy and how it impacts real estate.  

I think it is fair to say that there is somewhat of a tradeoff between markets that provide positive cash flow on day one and relatively high appreciation-based markets.

These homes may be dated, but they can be decorated to a high standard.

I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). 

Zachary,Your concerns about Cleveland are valid—high property taxes and stagnant population growth are definitely challenges to consider.

I do not judge anyone that sees a high projected return and becomes interested.  

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Many of my clients are high W2 earners who are taking advantage of the "STR loophole."