There are burn marks on the carpet in one of the bedrooms and one of the kids confirmed that her brother way 'playing with fire' -- this scares me. 

-Stability comes in to play a little.

Assuming theres no major issues, all thats left for value add is curb appeal which could be a bonus for me.

I've also owned rentals myself and I've had good luck.After 12 years of playing the game I still think that long-term residential rental real estate is probably the most profitable.

Many people waste years, in no thousands of dollars, before coming to this realization.There is still a roll for you to play, even if you're not "passionate about real estate".Think of it like a live professional sporting event...There are players on the field, fans in the stands and vendors (usually selling fan gear) inside and outside the stadium or arena.Everyone has a part to play, and when it goes well, everyone has a great time.The folks on the field are the ones who should be on the field.

So, if your documentation is in order, you are transparent and are playing within the rules, they should all be "investor friendly."

I should have about $20-$25k cash to play with at that point which seems very workable in Cleveland.I'm interested in buy and hold for rental cash flow.

Second question- am I on the right track- move on, and leave this property be, if loss to lease, vacency, and submetering are the only value add plays, in a C class (not "hot and trendy") neighborhood?

YOU work in Vancouver or WA and you pay NO state income tax.. your partner has some hiccup on the drive but its only about a 3 mile traffic jam then your off the freeway on surface streets to Portland State... and there is a huge water front deal going on in Vancouver.. it could be a real good play .. but something to check out.living down south like Newberg or anything like that is a non starter unless you want to drive an hour each way.but I have two duplex's that I can send your way they are both in Beaverton and are off market I would let you look at those before we list them and deal with multiple offers etc. in the process of rehabbing them now.good luck with your search.. if you can handle the weather here it can be a nice place to live like its been raining for 2 straight days.. many of us Californians really get sick of it and want to go back home LOL..

It will be interesting to see how it plays out.