Since the properties are graded according to location and physical characteristics; also considered are a combination of factors such as age of the property, location of the property, tenant income levels, growth prospects, appreciation, amenities, and rental income when graded. 

@Mark ShaffarThis is where the grading scale is so broad. 

An area notorious for foundation settling, especially slab on grade construction.

In general, mobile homes are not made with the same grade of material as single-family homes.

His recommendation is that I should go back to the seller, who did not disclaim any flooding or grading issues in the Seller's Disclosure, and hold their feet to the fire.  

I have a 3/1.5 in a four plex that is just going to be cleaned up and kept with it's minimal, low grade finishes, and we will probably get $1490 in rent.

Hey @Hitesh Patidar this is way above my pay grade but I'll at least bump your thread :) 

With a grade A tenant, that's about as little work and safe as it gets.

Is there a definition somewhere to help one determine whether a apartment complex is an a, b, c, or d grade property?

For Cleveland specifically you guys are going to want to read The Ultimate Guide to Grading Cleveland Neighborhoods before making any buys.