There is no cut-and-dry answer to your question, though.

I would like to operate in the nicer suburbs of Cleveland/Akron markets with ARV in the $150-$200k range but the REO inventory has all but dried up to what looks like a profitable project.  

It is in a 50 year old condo and the concrete floors are dry. 

Things seem so dry.

If your investing goal is  getting huge returns for great buys, I can certainly understand because I am looking for strong deals too but they have dried up a bit and prices have gone up high....again... hmm...( been doing this for about 25 years).... another cycle? 

The living area of the basement has lights, dry wall, paint, electric outlets, etc.

I recommend you have an agent check it for you so you don't need to pay the extra expenses for being an agent.Plus, the MLS is pretty dry nowadays.

Larger income VS. neighboring rentals due to washer and dry connection and install during renovation.

Also ( at least when I was doing things there 2000 to 2003) information that we can easily attain in the US is not nearly as easy.Defaults are very low and my experience being a lender is .. foreclosure is not nearly as cut and dry and it is here.. the courts have great latitude to adjust payments interest rates etc.. they will give the borrower a lot of leeway to try to rectify the situation...

California is pretty cut and dry about what is wear and tear vs. what the tenant breaks.