I think what is becoming more and more important is having a solid investment thesis and understanding of your target market and the value proposition you are offering to your customers through your properties. 

Hi Lawrence, Here's my short advice check Due Diligence, Understand Owner Financing Terms, Seek Professional Guidance, Market Research, Financial Analysis, Risk Management, Long-Term Vision.

…Here's the latest market report (based on single family homes): Mortgage Rates:30-year conventional rate today is 7.01%30-year VA rate today is 6.50% Median Sales Price:April: $476,000May: $475,995June: $485,000 New Listings:April: 1,957May: 2,141June: 1,875 Median Days on Market Until Sale:April: 12May: 12June: 13 Months Supply of Inventory:April: 2.2May: 2.4June: 2.3 What does "Months Supply of Inventory" mean?

If so, how was the lot with the house on it impacted in terms of market value? 

On May 30th we also presented them with a written lease, which they refused to sign.The tenant informed us verbally and through text message that they would pay the rent increase but would be moving at the end of August to low-income housing.

Cleveland is one of the most popular markets on this forum.

Most agents in my area won't present an offer unless they have it in writing. 

If I'm you I would focus on getting a long-term rental property and learn the market that you are investing in.

Stay informed about the current market trends and clearly define your goals :)

However, the saturation of the market seems to worry me a little.