This happens on an individual level, institutional level, and everything in between. - LA is a cyclical market (as opposed to being a linear or hybrid market). 

That’s at the state and county levels.

You have endless options of where to house hack and can make the numbers work in almost every market, depending on your comfort levels.

Do you want some high level macro factors that could make the risk of such a project worthwhile?

Your agent will also get better at bringing you "similar" types of properties and in most cases can walk-thru the property and give you a high level comparison of said property to prior properties which helps a lot as most times, you'll need to quickly get an offer in before your contractor has a chance to swing by and give you a better ballpark.

In 2015-2017, investors got interested at the 15%-18% IRR level.  

It could be that the person who hoped to buy the house had a loan that would not work for the level of repairs needed. 

Take account of major systems conditions: plumbing, electrical, HVAC (including ducting), gas, foundation (check leveling).With that estimate, you can now decide which items you can do with your buddies and which should be done by the contractor.

-Cons Cleveland itself has mandatory lead testing ( mixed bag there) But that's only Cleveland properAging Housing stock, so more maintenanceCleveland proper is tough for evictionsThere's a lot of opportunity in our inner ring suburbs and Cleveland itself.You forgot to mention that Cleveland holds a Dopeness level of level 10. 

its self promotion on a subliminal BP level LOL