We have been roofing houses on a small scale for a couple years now. 6 months ago or so we bought a flip in a city close to ours that needed a LOT of work.

My biggest challenge was probably moving into a friend’s house and dealing with several unforeseen problems and delaying our close date.

City ordinance requires us to provide both garbage and recycle service for our multifamily properties.

Biggest mistake new landlords make is working to accept a applicant that does not qualify.  

I have heard that though most things are taken care of as you stated the biggest uncontrollable factor is the HOA.

I do however, think that it would present a very unique opportunity for a buyer with children whom wants to relocate from the city (easy commute in) and perhaps have additional rental income, OR move the in-laws into the ADU. 

As far as economic indicators go, there are 100 cities that are comparable to Dayton...it's a lot like Cleveland in that it had a declining population for 40-years...and now appears to be stabilizing. 

I am an attorney in New York City (non-real estate) looking to purchase single or small multi-family homes in Utah or Maryland (family and contacts in both areas) for long-term rentals.

Even with crazy high rents, when you have to get into a property for 1mil, it's just hard for the returns to out pace the cost of capital, especially when you factor in all the other costs.The oddity with the last observation is that without capabilities these markets also tend to be the biggest challenge from an execution standpoint for someone just starting out. 

The biggest benefit for both of these is MI drops off unlike FHA if it turns into a long-term hold.