In my opinion:Flippers - More of a roller coaster ride, one day you are going broke and the next day you have a huge pay day. 

I was also told they can be painted on with a roller? 

The difference is that you won't see as much appreciation explosion in Pittsburgh, which is as you said not always a bad thing. 15 Properties in California today though (even with a roller coaster) would be a LOT of houses in Pittsburgh if they were in Oakland with that 14% appreciation or San Fran/Vallego with that 8% plus. 

The loan process is a nasty roller coaster. 

If you didn't have to get off the roller coaster, it went back up.  

It's going to be a roller coaster, but if you've ran the numbers and feel confident about the comps, go for it.    

The house was in perfect condition when we purchased it (owners had done all major rehab and repairs in the prior 3 years), so I anticipate being able to skate with minimal repairs and capex for the first 5 or so years.  

This will happen even if I'm standing there with a paint roller in my hand.  

Pragya Singh I'm sure you got it covered and have been in the same roller coaster a bunch of times, just pointing out it might be best to increase frequency of inspections, but that means more $ as well. hehe.

It will have it, the question is can you guess the optimum time to sell, AND, do you have the funds to hold til then no matter what the roller coaster takes you.