I typically invest in B (or greater) neighborhoods, its just a part of my strategy and risk tolerance.

.# 2 & 3 are really personal preference and your specific risk tolerance.#4 - I just quoted some 8 units for 2 separate investors and the quotes are coming in just under $2k per year for Replacement Cost and $1M General Liability 

I  do not tolerate late payment and do not see a late fee as a plus.

What is your tolerance/limit for how long a unit might sit vacant?

In the end you've got to weigh your own risk tolerance and other life details.  

Everything is about risk exposure and risk tolerance. 

As an MSA Cleveland is comparable to Columbus, but on a city level there is no comparison between Columbus and Cleveland...I would suspect that any tax increases directly impacting Cleveland city would be in alignment with what's tolerable and possible- which isn't much...unfortunately, they have had a steadily declining population for 40-years....it's just the way of a declining city.

Then with the $175k left, you could put a down payment on a couple cash flowing properties, buy another flip,or pay down some debt, It all has to do with your risk tolerance.

That said, I, as a title expert, who also has a high tolerance for risk, can and have bought properties using nothing more what we provide.

Now my lease is solid, my roommate agreement/lease discusses storage some, and they know I'm the bottom line and won't tolerate any b.s.