Really interested in investing in this market and would accept a relatively low return (or even a break even scenario because i believe in continued appreciation potential here). 

Rents are generally low there as well, but definitely stable.

Even with buying down the rate, I would not expect to get better than low 6's in the best of scenarios.

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

And maybe diversify a little, invest half in a low cost S&P500 fund like VOO and the split the rest across 2 or 3 syndications.

Quote from @Bonnie Low: I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

If you’re just going to do one or two flips a year keep your costs low.  

However, I’ve been hesitant due to challenges like remote management, high interest rates, and low cash flow.

I would highly recommend doing a renovation loan like the 203k or homestyle - you are able to leverage SO MUCH CASH for such a low down payment. 

Ohio is a great place for cash flow since rental demand is high, property prices are low, and rents are solid.