I just wanted to get others' opinions on it to avoid any pitfalls:1- the sale price range2- sale-to-rent ratio3- proximityFor example, looking into the Indianapolis's market, it seems that it has a much better sale-to-rent ratio, however, since it is very far from me, it makes me concerned, while Sacramento, though it is not super close, it is like 3 hrs drive from me, and I thought it would make it a bit easier for me in case something happened and it needs my presence there. 

Is this a pitfall that should be avoided?

And not so successful ones so you can try to avoid common pitfalls. 

Investing in any area can be great if you know what to look for and what pitfalls to avoid.Feel free to send me a PM.

Considering your experience, are there any other pitfalls in such a plan you can think may throw a wrench into the idea?

Are there any red flags or major pitfalls I should look out for as I proceed?

I am in marketing and I can get the materials and site to sell it, just didn't know of any other pitfalls/heads-up to look out for.

Pitfalls?

Unless you have a background in historic building restoration I wouldn't recommend that.That being said - definitely get an inspection and try to find an inspector familiar with old buildings. 1920s buildings have different common pitfalls to check than 1950s buildings and 1990s buildings.

In tacoma you don't have nearly as much ..stuff.. to deal with as in Seattle,  but there are still pitfalls.