New to Chicago Investing

[Michael K.]

Hi Everybody.

I have lived in Chicago my whole life and know Chicago pretty well except for Chicago's South Side.

I am looking to buy a rental income property on the south side of Chicago.. In the past couple of years I ran into a few people who said they own rentals on the south side. I don't know where they have the properties, and I know the south side of Chicago can have "War Zones" and that's what I want to stay clear from.

I saw some websites that offer "Turn-Key" rental properties but it sounds fishy for someone to sell a Turn-Key rental property.. To me that's like selling a money tree.

I know the south side has high unemployment rate so renting to Section 8 might make more sense, but I don't know. There are plenty of 2 or 3 flats that are 20-50k range and need maybe 50k in work... So say I buy a 2 flat for 40k and put 30k into it, so that leaves me with 70k into the 2 flat. So I rent both units for around $1000 each that brings in $2000 gross a month on a 70k investment?

Any experience or Pros or Cons. Please let me know. 

Thank you!