It probably needs to be addressed to keep the house safe to inhabit long term even if we keep it as a rental.  

In my experience in MO, land bank properties are very low priced (these are generally properties/parcels that weren't sold at the tax auction), but they often have significant tax liens on them that must be cleared in addition to the "sale price" AND they require a significant amount of rehab in order for the properties to be inhabitable. 

The house was made inhabitable. 

So I bought a single family home for 315k that was considered inhabitable.

It's more than just about payment of rent:  it's about KNOWING who is inhabiting your property. 

One of my lots had only a garage on it, which the city wouldn't allow, needed to have an inhabitable structure in addition to it. 

I am asking because that is a science and often inhabited by regulars who know how to bid you up on the duds if you haven't done it.One tip I would give you before you go into Indiana would be to really take a hard look at your 7 units and 10 doors and see if there are any underperformers in the bunch.

The post and local colleges will keep this area inhabited. 

If you have a lot of liquidity to offer, you can certainly pay cash but to your point that will inhabit the great feature of leverage.  

I immediately drove over with a friend and found a 4-5 BR 2 BA Victorian and the 1 BR 1 BA Mother-in-law Cottage empty and un-inhabitable.