Lack of underlying soil conditions like you see in Texas  IE foudations going wonky and requiring on going maintance that can be expensive.5. at that price point you get the best qualified renters not the bottom 1/2 of renter pool you get the top half.5. newer construction  Stucco tile roofs etc   compared to 40 to 100 year old homes in other markets that need greater care to keep functional. 6. ease of getting there direct flights to many places a lot of areas in the mid west you have to connect.. thats an issue at least for me.7. things to do.. 

Losing money drains your resources and leaves you exposed to economic shocks, like an eviction moratorium or leaky roof.

The roof looks newer, with good bones.

We asked the seller to make repairs we did not want to make ourselves, as well as asked for a few thousand to repair the roof, get electrical work done, and replace some appliances.

The newly renovated rental condos I bought had a landmarked roof requiring a million dollars to replace and each owner is assessed $10,000. 

A roof 10 years old has a higher capex number vs a brand new roof. 

REI's key aspect is "investing" where you are taking your existing capital/credit and 'investing' it to make more money. 

When you say complete demolition do you mean all the walls and roof down to leaving the foundation or new foundation also?

The affordability index is going down compared to previous years, but the opportunities are still there for OOS investors as rents are going up and appreciation has been through the roof!

- How do I get comfortable with unforeseen risks (sewer problems, unknown foundation issue, roof etc) that ay come up once I crack into the walls?