To some investors that may be too many unknowns to want to take on.I say this with probably a whole lot less experience than other investors on here but i have 2 duplexes and two SFRs in Cleveland as rentals and I have had the (very) unfortunate experience of trying to get renter in the November December timeframe in Cleveland.

They regrettably are also often of a lower class due primarily to level of intelligence. 

In which case my down payment would be much higher, my interest rate lower, and my closing costs lower as well.

Given that the bank has not given out the full value of the loan yet given the 7 year time frame.

@Leland Smith , the first tab asks for the lower selling price for the worst case. -85k is automatically calculated in the worse case scenario. 

Significantly lower than a credit card2.

If the current rents are significantly lower than market then it might be a viable deal.The reason I mentioned Financing is although the property still falls into the Residential category (versus Commercial) it is considered an investment property.  

Glad to hear lower income renters north of the mason dixon have bank accounts!!!!!   

If 100% is demolished, then the timeframe for permits and the costs go up.

For a little "cheaper" but good upside I would look at newberg, sherwood, maybe even Sandy.Salem for sure is cheaper, but not sure the appreciation will be there and rents are lower.