Quote from @Olga Daisel: @Randall AlanI agree with Randall on getting more details, $7K gross a unit btw is a great gross income.

For example, avoid wasting time comparing new construction with sun-soaked windows to basement units with stained drop ceilings.

Hey fellow suburban Illinois BPers - Not sure if this has been sent/shared previously, but thought it'd be good to recap - Chicago Agent Magazine recently reported that suburban Chicago was ranked the second-hottest rental market in the nation (Here’s the article.).This confirms what a lot of us have seen: demand for rentals is really strong in the suburbs right now.

@Ilia Zakharav, There's no problem in selling individual units and 1031 exchanging them as individuals. 

In Ohio you can find a lot of single family in the $100-200k range or 2-4 units in the $150-400k range that do pretty well cash flow.

This criteria is for 1-4 and 5-8 unit programs.

The loan is with you, not with your tenant, so none of that means anything to them - in fact because you live in one unit and it's under 4, if you were self-managing you don't even have to abide by fair housing laws (at least on the federal level). 

I have one tenant who is a god send compared to most, he accomplishes nearly ever repair I need, even did an HVAC unit. 

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

Cleveland currently has one of the lowest price/rent ratios in the Nation, with the average home price being $107k and the average rent being $1,416/Mo.