I say this to say I am fairly smart with numbers. 

Currently, it's worth about $360k (Zestimate, which seems fair).  

I also spent a fair amount of time at Fairview hospital a few years back-- the Kamms Corner/West Park area looks like it would be a super rental area too-- if I lived in the Cleveland market I'd be willing/looking to buy there.

This is my first time going through this process and advice to ensure I make the search process as fair as possible is greatly appreciated!

There are a few issues to be mindful of here: If the husband will remain on the property you may need to "re-qualify" him ensure his new debt to income ratio can still cover the rent. 

Play it safe since the deduction ends up being fairly minimal.Lastly, talk to a professional. 

Then we framed out a feature wall and installed a fairly inexpensive electric fireplace.

So your minimum expenses, even with no repairs, capex or vacancy is $1500/month.So best case you are -$211/month cash flow if you don't experience any maintenance, capex or vacancy expenses with the commercial loan.To be fair, you are building WAY more equity with the shorter commercial loan.

I am not sure, however, that this is either fair or true.

Namely, Cedar Crest and South Dallas / Fair Park.