What to look for in a Multi-family investment? Chicago

[Hector Estrada]

Hello Everyone -
Long time investor, first time post!  I've worked residential for the past 10 years (buy & hold and fix and flip) and ready to take the plunge into multi-family investing. 

I'm looking at 5-7 unit buildings for my first opportunity. I'm currently looking at value-add, cap rates and COC return, but what other criteria should I consider? What do other savvy investors look for when looking to make a purchase?

Thanks in advance for your time. 

Hector