I'll be visiting Cleveland soon to investigate further.  

Others that have never investigated a subdivision before, would you have guessed that amount?  

Take the time to really investigate potential tenants.

I am new to the Baltimore, MD area and am investigating setting up my team.  

Funny, I just sold rural land with a tear down, closed last month.I've been the non-profit route and for profit route to acquired property to demolish as well.I was chairman of a city  rehabilitation committee that investigated blighted areas and properties for redevelopment, some aspects we looked at:Pretty well mentioned above that when the cost of rehab exceeds the market value a scrapping is probably in order.There can be more to it as well. 

The electric company plugged in the new meter and drove off, the fire started shortly there after (no interior inspection occurs and the tenant doesn't have to be home).The investigation identified the kitchen stove wiring as the source of the fire (I personally think the stove may have been in use at the time of shut-off and was left on so the sudden restoration of power caused arcing), wiring was not ruled out so an electrical inspection was required by the city and they concluded all wiring in the unit (romex) would have to be replaced due to ambient heat exposure. 

I'm waiting on his credit report, but are there other things or areas that I should investigate on a cash-only applicant?  

@Michael Haas  out of curiosity what does it usually take to legalize an existing unit  (lets say it was basically well constructed basement ADU,  but built a decade or more ago without any permits/etc I don't have any such situation so just a hypothetical question,   though I do have some extra storerooms at one of my properties that would be best converted to a studio unit ; but when I investigated this with the local municipality they basically wanted me to upgrade the entire building to current code standards in order to be able to finish out that space as a 5th unit.   

Once I have a short list of interesting markets, I'd be more inclined to investigate those markets via your reports.Are you making that sort of info available?

I have been investigating about 25 possible properties, half of those are REO's.