It takes into consideration the continuous change in property value, as it undergoes its transformation, and it’s completed value.

I'm interested in areas like Lakewood and shaker heights.

I know there are codes, etc to be taken into consideration, but just curious what others have experienced in regards to this.

You may note the term "Jepordize is used and is part of the language of the following"CRIME-FREE/DRUG-FREEADDENDUM HOUSING AGREEMENT In consideration of the agreement for housing the Owner and Agent and Resident agree as follows;1.Resident, any members of the resident’s household or a guest or other person under the resident’s control shall not engage in illegal activity, including drug-related illegal activity, on or near the said premises.

Worth your consideration.

There is a considerable advantage buying with US dollars however as you may encounter finding good cashflowing properties will be a significant challenge. 

From the text of the statute, I see phrases like "... the owner of the distressed property has received consideration in an amount of at least 82% of the property's fair market value..." these are things you need to understand if the statute applies to you or not.

My question was more about taking into consideration all of those things you mentioned and analyzing the difference of risk involved, and how investors would evaluate or underwrite the deals differently. 

good post by @Rob Poole Often times, rewiring, re-plumbing, roof, windows aren't taken into consideration, and they cost a lot without really adding much value to the house.

Taking all of those factors into consideration I don't think this would be a home run, but a good place to start.