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.

Rent Manager 12 is a full redesign of the product and includes all of the features you mentioned above. 

Get to know the rehab work they are doing, the neighborhoods they are investing in, and the quality of their property management. 

In other words, if I had 60k I could either rehab and flip 3 section 8 quality homes that bring $1,200 in cash flow compared to flipping 1 home that is bringing $300 in cash flow if I'm lucky.

Keep in mind you’re holding a prime asset- good quality tenants, always in demand, fixed prop 13 protected tax base.

All my units have higher end finishes, and rarely sit on the market (except for fall/winter months - I'm in Minnesota), and attract higher income, high quality tenants. 

I don’t know about the specific property you are talking about, but my guess would be someone is using a HUD financing product that comes with a restriction that they have to rent to people below a certain standard compared to the median in their market.

If you relist raise the rents ($1200) to eliminate these applicants and narrow your list to higher quality applicants.

Both of them are offered as value-add plays based on a light reno which is supposed to result in rent increases of $115 to $150 per unit.I have my own thoughts on where I want to be in terms of property quality but I wanted to see if any investors local to the area or knowledgeable about the area could offer any opinion on what class these two neighborhoods/areas are and which of them would be more resilient in an economic downturn.

Putrid pink aside, would a better color help you attract a higher quality tenant as just opposed to a rent increase?