Multifamily in NW Suburbs of Chicago - What gives?

[Ryan Rubel]

I'm doing some preliminary searches for a multifamily property within 20 miles of where I live in the northwest suburbs of Chicago (Schaumburg) which will be my 2nd rental property.  I have a lot to learn, but this website has been a huge help.

I noticed that I can't find anything that satisfies the 1% rule, and definitely not the 2% rule. Schaumburg is clearly out of the question, but even if I search pretty far outside of Schaumburg there's nothing close to hitting the 2% rule.  Anything I can find would need massive renovation, then wouldn't make the cutoff.

Anyways, I know there are probably plenty of investors in my area on this forum, so I thought I'd see if I'm just looking in the wrong places.

Does the 2% rule only apply to very low-end areas?  Sure I can find a multifamily in Harvey or Maywood that meets the 2% rule, but I woudln't want to ever go to the property myself.

Thanks for any insight!