We could do it for relatively cheap because my dad and I could do it ourselves.

Cinder block walls IMO looks extremely cheap and screams low income.  

Don't do it.That is a very rough neighborhood (See Ultimate Guide to Grading Cleveland Neighborhoods) & I suspect you will be in for a culture shock you are not ready for.Lot's of national buyers hear that Cleveland is cheap.

I purchased several properties during the real estate collapse (2008ish) for dirt cheap, but now that the market has recovered my ROE feels weak. 

I personally have had several houses copied and posted on CL for cheap rent.

@Conner Bryant cheap enough to make a profit no matter what or luck?

I believe this 100% because the same thing happened in another town in my county and now that towns current median household income is at about 100k a year.Okay so finally the questions I have.Do you guys believe that it would be smart to invest in cheap properties (<50000) now while they’re still cheap and hope that they are able to turn the town around?

These cracks look deep and not something that can be fixed with cement.As a side note, it looks like there is likely leaks in between where the slab and wall meet so on top of doing significant foundation repair, you'll need to install an interior or exterior french drain.I am only going off 3 pictures so I could be wrong but this does not look like a cheap and easy issue to fix.

Sub2 is not a get in for free deal idc what anyone says they're not easy or cheap you usually have to pay the owner something to walk away and pay months of missed payments.

Much easier to find 100k lift on a 300k property than on a 100k property.The housing shortage has changed this dynamic a little bit - we have seen properties get flipped in the cheap of Milwaukee, but they are priced totally out of the neighborhood.