I think there are several factors:  crime is low, very limited choices for buyers (just not a lot for sale, as people stay put), it's an easy commute to the Columbus area, it's much more affordable, etc. 

You could also go to a no doc lender if you were willing to pay higher fees (6-9%) or hard $ if you had no other choice and could still make the number work for you. 

That may be more than sufficient to cover you?  

If your building doesn't have sufficient cash flow it can eat your profits.

That being said, sometimes, for new real estate investors, it's tough to invest out-of-state, and there may be no choice but to start with the current market. 

We had a 1100 square foot home insured for $210K, quite sufficient to rebuild before the fire.  

If you can't wait out a few month hardship, you don't have sufficient reserves to get started.

What’s that best decision in my position .Is this a good choice , if not tell me why please

It would not be my first choice in looking for property in the City. 

Doing a cashout refi requires you to have sufficient equity in the property.