But ideally I wouldn’t want to invest in a neighborhood any lower than a C grade.

Depending on the neighborhood grade that you're looking for to get started, it will impact your cashflow starting out.

I operate in small towns and my name is known (in a good way) by many, which has made it easier for me to attract and retain a better grade of tenant.

Banks are selling grade A paper at 80% right now-all day long.

EKM meters are utility grade (highly accurate) and they can be read online in real time from anywhere in the world that has internet access. 

(h) In the case of home heating oil or propane, if the landlord has not yet paid the bill by the time of the tenant's intended payment, or if the service remains discontinued, the tenant or tenants may order and pay for one month's supply of the proper grade and quality of oil or propane.

Im at 23K for grading, electrical, and water.  

These are things buyers are looking for and passing when they're basic builder grade.

I don't know much about Indianapolis then the prices are similar to what we see here in Cleveland so I won't speak to which of those markets is any better or worse than the other one.When looking into Cleveland I think you will find some value in reading The Ultimate Guide to Grading Cleveland Neighborhoods.Good luck to you in whichever market you choose.

@Brian Garlington no and sort of...Delaware is a B-class suburb...here is our MF market in the 11-county region with the accompanying grading scale based on transaction price per unit...you have to remember that this is a "rolling scale" that only considers that last 6-mos of transactions...this can ebb and flow based on how the market moves, and what sells and what price point...there is more to this, but this is the starting point...Delaware is an area with very few MF transactions...the location consists of converted farmland with mcmansions flooding the market...the MF transaction occur around "old" Delaware and are more rural...price points are quite low and ROI is very high...ROI in any market is merely speculation and impossible to determine with high accuracy...how many listings have you looked at in your career and still have a handful of questions to complete your analysis?...