There are so many reasons to why people would buy a house that are emotionally based and this might apply for this situation.

Honestly, I thought I would go ahead and start with Columbus market and based on some of the data that I have seen it made sense.

Make your offer based on the current rental income.

I'm currently based out of NH but am willing to work anywhere. 

If you use HELOC, it will have to be in 2nd position, where you can pull up to 90% LTV based on what you own on your current mortgage.

The price of the property, and what the bank will finance, will be based on the income the property produces, the Net Operating Income (Gross revenue minus expenses) divided my the Cap rate.

With that said, based on your comment that the income you receive from the S-Corp is not enough to qualify for a traditional mortgage, you may have to consider other ways to acquire the property such as owner financing or lease option. 

I don't know much about the Columbus market but I'm sure others will chime in shortly.I will say this... judging a market based on what you see for rent on Zillow is generally a mistake.What are you comparing the number of listings to in order to determine it's oversaturated?

I am not on Pricelabs yet but looking at the rates for March, they look like what I would expect them to be based on our previous analysis.

Though I will replace up to a few rooms with hardwood floors to make it all match.