Rent has gone way up and we haven't been building enough housing to keep up with demand - so we're in a constant cycle of housing shortages.

I perceive we are nearing or at the top of a cycle and risk high right now.

All units are fully rented and we plan on doing more projects after we build up our reserves and go through some tenant cycles.

In our rough around the edges market, this already puts you at an advantage for repeat business throughout the various market cycles. 

Imo it is a tricky time to invest in real estate ventures now as we are at a pretty advanced stage into the cycle.

I really enjoyed Ohio City but I feel like that area will really grow in the next economic cycle and once Cleveland will be able to get 2-3 large companies to invest in local job market.  

Could be nice to maybe have a cycling/biking room.

just keep in mind at this stage of the cycle its not like 8 to 10 years ago.. so you will need a LOT of units to retire on rentals.

I realize it costs a ton more in interest, but lenders might not allow you to use it if it hasn't been in the bank for more than the last 2 statement cycles.

Understanding the current market cycle and what strategy to employ within it in each market is imperative prior to putting your money at risk.