However, there seem to be good opportunities in the South suburbs as well (researching the area): Summit, Oak Lawn, Chicago Ridge etc.

Logan Allec Hi Logan, thanks for chipping in. 

Little things for instance a chip in a counter top i would leave if renting compared to buying a new counter top if I was to sell.

If I have to replace, I like oak because it's an inexpensive hardwood that can take some use and abuse.

I'll be pushing in more chips when the unemployment line is closer to the top left, but moving towards the bottom right ;)  - rather than when it's at the bottom right, and eventually moving towards the upper right.

You don't throw more chips in with a negative hand, and you don't keep paying your tenant's bills (i.e. negative cf).  

Browns fans, please chip in. 

Have you looked south to Oak Harbor or east to Burlington?

I wouldn't install inexpensive ceramic tile, I'd pay a little more for materials and install a good quality porcelain which won't be as susceptible to chipping as ceramic is, I'd combine that with spending a bit more on one of the commercial grade grouts like Tec Power grout or similar so that the grout never needs to be sealed and the color won't change with wear over time.  

I live in the LA area in Sherman Oaks and just finished building a second house on my lot and rented it.