Seeking thoughts on potential deal

[Mike Knowles]

I'm looking at a 2/1.1 SFH on the southside of Chicago. The neighborhood is a warzone, but this particular street seems better than average. It's close to a park, the train and a school. Both neighbors take care of their lawns/property and had decent cars parked in back.

I know the bank will sell for $35k and the property needs $4k worth of repairs. As a 2/1.1, it should rent for $900.

For another $6k, I can put a 3rd bedroom in the basement and turn the 0.1 bathroom into a full. Right now, there's a toilet and sink in a corner, but no walls/door, etc. A 3/2 in that neighborhood should rent for $1,100.

Any and all thoughts/comments are appreciated. I've spent a lot of time reading BP, but this would be my first deal so fire away.