In fact, the NOI of the other two properties was in the listings and simple math showed an average cap rate of those two properties of 8.8%.

I am trying to keep it SIMPLE, avoiding complicated calculations, loans, etc.

@Ken Nyczaj to save you some further headaches and quickly identify your water leak source, I'd suggest having your builder, or you, get a simple water pump and 50-100 ft garden hose (link: WATER PUMP) which will pull the standing water out of the area, and put a carpet fan (link: LIGHT DUTY or HEAVY DUTY) down there for a few days to dry everything out (especially your wood framing and the insulation) to prevent any further/potential mold growth.

Or can you find a realtor that works with investors and pick their brain?

If I was in Ohio, i would want more out of state money to flow in and help pick up economy.

Not as simple as giving you a 2 lined answer.

Now the first argument I get when talking about this strategy is that the average person doesn’t want to manage property, and my answer to that is simple – hire a property manager.

Planning to pick one and stick with it to build a portfolio.What do you all think of these areas. 

The private flood policies usually won't pick up a property that has had a flood loss before, but a knowledgeable Nerd agent will look at all options to get the best coverage possible. @ Chris Happer you are absolutely right a Flood Cert (properly named (ELEVATION CERTIFICATE) can help with the rating for the NFIP (government) policy.

The reason for this is simple - Math!