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Ya if you want something below 500 in or around downtown you will have to find a very very small efficency. Or a building that is subsidized for lower incomes. There is actually one in the short north, my friend pays 350 with ALL utlities and the building is renovated and very nice. It is in the Short North so there are few subsidized buildings nearby making it a good deal and as safe or more safe than almost any other American nice central city neighorbood.
If you really look you can find cheaper places right outside of downtown and there's a few buildings in downtown right at or under 500 a month. They are not the newest and nicest places, but they are in a good location for CCAD.
I would avoid looking at a place across 1-71 and east of CCAD. The area known as Olde Town East, King Lincoln District, and Franklin Park (just east of CCAD) has some very cheap places for rent because they are areas transitioning from the hood to mixed income neighborhoods. I would recommend owning around the near east side but not renting, at this point.
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