Most of our family is in CA and one of our criteria is to be 1 day or less drive time from them.

A lot of the conversations I had with the realtors that showed it had the same feedback, that for the PITI payment on this property, their clients could probably buy and new build and still pay the same thing (The house was situated rather close to a couple of new build communities).

We do the same thing as @Chris Seveney, just on a smaller scale.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Go beyond Cleveland I’d day, look at other markets in Ohio and compare.

I would much rather not buy anything less than a 2 bdr, but i'm also seeing  1 bdr condos for about the same price but in nicer areas.    

Is there equity at the end of the day?

Also, being an hour away it will keep you from being too involved in the day to day. 

I do not want to set a standard that rent will remain the same forever if this ends up being a tenant that stays for years.

Section 8 is a great way to cashflow these days!