So with that being said, as a new investor, just ballpark the cost this way for a house that's less than 1500 sq ft:1. light rehab: flooring and paint (10-20k)2. medium rehab: light rehab + appliances, kitchen and bathroom, windows and doors, builder grade light and plumbing fixtures (50-60k) 3.

We have seen investors purchase distressed properties at ridiculous prices and as flippers ourselves(50+) over the last decade our profit margins are slimming and risk is increasing due to higher acquisition prices.Depending on your budget and risk tolerance you can look into:Distressed B/C grade condos in Tamiami/Kendall area.

Give The Ultimate Guide to Grading Cleveland Neighborhoods a read if you end up digging deeper into the Cleveland market.

A, B, or C grade? 

Yes I am I have two of my own strategy that allows me to not have to purchase a negative cash flow worn out 50 year old grade c building.  

@Rich Lopes - It's tough for me sometimes to differentiate narrow differences between, say, a "C" and "C-" area as many investors have their own subtleties in how they grade these.

Plus, his properties were all A grade (I didn't even know it was possible to have A grade section 8 properties, but apparently it is...)Unfortunately, I can't remember the guy's name, but I'm pretty sure most of his properties were in Washington DC, and he's one of the few section 8 guests I've seen on the podcast, so if you search for BP podcasts on section 8, you can probably find it...Good luck!

That is almost one third of builder-grade construction cost in Texas, which are around $120 to $165 per sq foot,  and down to as low as 1/5 of the luxury market, which is  $200 to $300 per sq foot. 

Appreciate all your help You may have already seen this, as you said you've been doing a lot of research, but in case you have not I think you'll get a lot of free help from reading The Ultimate Guide to Grading Cleveland Neighborhoods. 

My rehab budget ranges from $27-$36/ sqft for a builder grade remodel.