I know it varies a lot depending on a variety of factors, but what are you seeing on average?

Quote from @Dave Skow: @Nahon Torres- columbus is a notch or two  higher in price and rental  income than Clev.    ..Depending on your  avaiable  funds this  might  dictate where you should focus  pricing on an average home is more than double

Talk to the bank and find out what rates you could get and what the numbers would look like. 

However because it is now 5 units I would not qualify for traditional 30 year fixed rate financing.3.

Arbitrage is a high-risk thing that depends on precise knowledge and process.

It really depends upon your availability of capital.

It depends on the local laws but1.

Current interest rate is 8%.

They might make you open some things up and it will likely cost you (really depends on how strict your municipality is, I would ask someone there for a better idea.)

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.