If you find the right team and learn the market it is a great way to invest. 

When I hear "small market" I think 8-10 caps, but maybe my small isn't the same as yours.  

Waiting too long may result in the applicant backing out, and thus, you would miss marketing to and approving other qualified tenants. 

They are licensed because they want MLS access but still use our team for our insight into the market and to list their properties.

Always think it is extremely important to note that Cap Rate does not drive value on Single Family Rentals since NOI is not the factor for the vast majority of the market - only really relevant for Multifamily and Commercial (BP audience is generally skewed towards residential not commercial investing)

Therefore, I will need to raise rents significantly to get closer to the pro forma market rent rate.

Because it’s a smart way to dip my toes into the real estate market without diving headfirst.

Cleveland is a solid market, I also like a similar market of Dayton, OH which is 50 minutes outside of Columbus and has similar cash flow with more landlord friendly laws.

Most banks are going to write as @Chris Mason mentioned - 5-10 years/ 20-25 year ams in this market.  30 not so much, especially on retail. 

Just from a credit, income, and experience standpoint, two years in college will teach you a lot about the local market and you will be able to understand who lives off-campus and why.