I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

@Sean O'Keefe hate to sound like a broken record but I'd love a copy as well!

As mentioned before, stairs were broken, floors were moldy, etc. 

Waiting for or getting the dreaded call that xyz was broken, flooded etc. which only happens after hours on weekend, holiday, during heat wave or snow storm. 

If you're okay with that, you can buy in just about any MIdwest city, just make sure you know the landlord-tenant laws.We've broken down the City of Detroit's 183 Neighborhoods, can share if interested.

At the beginning, it may be difficult to get a more expensive property that will appreciate well and so your choice is go with the cheaper property and get cash flow until you can sell and upgrade, or wait for a really good deal which you may be waiting for quite a while and its possible that you will have spent so much time waiting that you could have purchased multiple cash flowing properties by the time you get a good appreciation deal that you can qualify for / refinance after the rehab. i know anyone can go out and get seller financing deals, HML, flip to build capital or whatever the case may be I am just saying sometimes those will be harder and could result in less deals overall. 

., new flooring, updated bathroom/kitchen fixtures)-Energy Efficiency Upgrades (e.g., solar panels)-Accessibility Modifications (e.g., ramps, widened doorways)-Luxury Items (e.g., pool)-LandscapingNot Acceptable Renovations:-Commercial Use (e.g., turning a residential property into a commercial property)-Temporary Structures-Non-Residential Buildings (e.g., barns, stables)FHA 203(k)Minimum Down Payment: 3.5%Minimum Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: $524,225Occupancy Types: Primary Residence ONLYUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements/Reconstruction (e.g., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

Upgrading countertops to granite or quartz, installing high-end appliances, modern cabinetry, and stylish fixtures can significantly raise ARV.

Purchase price: $165,000 Cash invested: $20,000 I bought a duplex in Racine that needed a lot of cosmetic upgrades.

There are a lot of other design upgrades you could make too.2.