Now figure out your desired profit.

I was under the impression that in general, for single family home rentals, having better school districts would increase the desirability of the home for families. 

You may be in a "desirable school district" but if the school itself isn't desirable it defeats the point.

He has no desire to give up his teaching career anytime soon. 

My children are certainly my motivation, so I understand your desire to make it a little easier for your loved one's.Thanks @Shiloh Lundahl. 

I don't understand your desire to knock down an existing property and build from scratch.  

We just don't have the desire or time available to flip.

Not to say avoid like the plague, but if you were looking for A/B, Euclid and the Randall Park area may not be desired areas for that. 

Next year it may not be.Varski Properties Rule #57 "Desire and dreams are hard to reconcile.

Utilities - Water and Sewer 58.33 (Confirmed from seller) - Gas and Electricity 208.33 (Estimating to confirm) - Garbage (NA for this property) - Cable, Phone, Internet 120.00 Pest Control (NA for this property) Accounting and Legal (NA for this property) Monthly Operating Expenses 1,085.00 Net Operating Income (NOI) Total Annual Operating Income 33,480.00 Total Annual Operating Expense 13,020.00 Annual Net Operating Income 20,460.00 Capitalization Rate and Valuation Desired Capitalization Rate 10.00% Property Valuation (Offer Price) 204,600.00 Actual Purchase Price 210,000.00 Actual Capitalization Rate 9.74% Loan Information Down Payment 21,000.00 Loan Amount 189,000.00 Acquisition Costs and Loan Fees 4,000.00 Length of Mortgage (years) 25 Annual Interest Rate 5.000% Initial Investment 25,000.00 Monthly Mortgage Payment (PI) 1,104.88 Annual Interest 9,361.50 Annual Principal 3,897.00 Total Annual Debt Service 13,258.50 Cash Flow and ROI Total Monthly Cash Flow (before taxes) 600.12 Total Annual Cash Flow (before taxes) 7,201.50 Cash on Cash Return (ROI) 28.81%The Official Details From Seller:Asking: $210,000.00Property DetailsStoreys: 2 Building Size:Lot Size: 1045 Square MetersBuilding Size: 2328 Square FeetEstimated Annual Taxes: 3093.00 (2017)Unit 2 Presently rented: Rental Income $900.00 /month (not including Power)FeaturesWater Front Property (In this small town)Flooring Unit 1 Laminate and Unit 2 Laminate, Vinyl and CarpetFoundation - Concrete with 4 foot walls for unit 2 apartment (allows for much natural light with large windows in all rooms)Heating - Baseboard, Electric,Other Inclusions - Dishwasher, Fridge, Stove, Blinds, Washer, Dryer in both units~ Taxes, Water/Sewer paid until the point of SaleOutdoor: Landscaped and water fountainRoof Asphalt ShingleServices Electricity, FibreOP High Speed Internet, Telephone and cable/satelliteWater and Sewer ~ Municipality System approximately $650.00 per yearRoomsMain Floor ~ Unit 1 1260 Square FeetKITCHEN / DINING ROOM 12’ x 15’LIVING ROOM 15’ x 15’LAUNDRY ROOM 6’ x 3’BATHROOM 6’-6” x 11’-6”MASTER BEDROOM 10’-6” x 11’-6BEDROOM # 2 (walk in closet) 9’-4” x 11’-6BEDROOM #3 9’ x 11’-6”BEDROOM / Office #4 9’ x 11’-6”DECK 12’ x 15’Rooms2nd Floor ~ Unit 2 Walk Out 1068 Square FeetKITCHEN / DINING ROOM 10’ x 15’LIVING ROOM 15’ x 15’LAUNDRY ROOM 6’ x 3’BATHROOM 6’-6 x 11’-6”MASTER BEDROOM 10’-6 x 9’-6”BEDROOM #2 9’-6” x 13”BEDROOM #3 10’ x 11’-6”UTILITY and STORAGE ROOM 9’ x 12’BABY BARN 8’ x 10’