I was in the Cleveland market for 4 years and got out.
Speaking from my experience only, the turnover killed me.
I had a 1952 Cap Cod 4 bed 1.5 bath 1,600 sq. ft home with garage $900. a month in the Warrensville Heights area.
We had 4 different tenants those 4 years as they were always moving on, leaving me with over $5K a pop on the rehab when I had to get the property ready for the next one.
Also, the city loves to nickel and dime you with landlord and occupancy tax, plus their own inspectors come out to your property and find things for you to fix.
Every year it was something that was a violation.
My PM would say to me yea they pretty much just want the check in the mail.
Insurance and taxes kept increasing as well.
Sold the property back in Feb. the first week I put it on the market to some guy in Oklahoma.
I'm staying in the south from here on out.