Supply if competition and demand in the area will be needed to look at.

Northside is a very unique and artsy neighborhood; it's in demand.

Only you can answer that.You would want to look for KEY INDICATORS of what they are doing today and in the IMMEDIATE past to see current trending patterns.If something happened way in the past ( some call it young and dumb incident ) and it was an isolated incident then risk might be lower.If tenant demand is super strong for the area then maybe you do not have to take on a tenant that leaves you questioning whether to rent to them or not.No legal advice given. 

If there isn't a lot of space, look at an on demand unit. 

I love people coming on here demanding we give them magic answers about how they're all getting screwed by their evil landlords and if you use these 3 words you can sue and you'll never have to work again a day in your life.

In no particular order I have listed some of the most popular markets for out of state investorsCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.

--> Honestly its probably not in high demand right now.

I would price out the construction costs on both intentions and then make a decision and consider the maintenance costs of either type if you plan on keeping it long term.Its location and demand in that area should effect your decision too as well as site accessibility,  land research, the land contour plus how you might use any extra space or the current zoning allowance or the utilities that exist.

Market cap rate is primarily a function of market demand.

However, I choose not to take that on for someone else's animal."