In Texas for a good neighborhood low risk investment I'd look for almost double that cap rate on the calculator close to or over 6%

This duplex with a bonus 3rd 1/1 unit just went up in our neighborhood.

You can list and sell the house for 6%, or be the buyer and submit an offer at the lowest end of the neighborhood price range.  

I like that you looked into value add neighborhoods. self storage is a real niche .

My investment property in Baltimore - It's doing well, in a great neighborhood, solidly built (brick), never sits more than a month without a renter.

It was a duplex in a decent neighborhood, $80k range  that will rent for about 1100 and 800.

most streets and neighborhoods are improving there. 

Take a look at The Ultimate Guide to Grading Cleveland Neighborhoods for some quality background info on the different types of investment opportunities you'll be exposed to when investing in Cleveland.

Here's the specs:prop #1- nicer neighborhood. just under 6 acres, mostly wooded. single family house needing a total rehab/gut. zoned R. listed just shy of 200k, has sat for half a year; I'd be aiming for 100k-120k-ish. has no garage/warehouse on it; I'd need to navigate zoning, and build to suit.

I've been a longtime lurker, but this is my first venture and post, really need help/advice.I've been under contract to purchase a 2 flat in the Jeff/Portage Park neighborhood of Chicago, it was a not approved short sale (we have now received approval, we have 30 days from today to close)It's a standard 2 unit masonry home, with finished basement with an illegal unit, and a recently renovated one unit, other has original finishes w/ new carpet. ~1000 sqft each unit 2br 1ba.