If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market.

I’d recommend saving that $295 cash flow for some amount of time until you have considerable cash reserves saved up.

Thank you all for your timely responses.

Do this quickly because some counties have a time limit on when you can appeal.I recommend you research the market for:- Comparable Property Sales- Condition of your property, including anything that may affect your property's value- If you are really serious, an expert appraisal may be worth the effort.

Any time you are not living in the property it is more risky for the lender.

At this time in the cycle there is just more demand than supply.

I know some landlord's show up with something for them to sign or fill out that they previously (on purpose) forgot to give them, but you could also just be upfront and say a visit is part of your screening process - you check the condition of the rooms to see how the unit is being taken care of.

Like you said, you don't want to grow super fast so take your time and watch the mortgage markets.

Portage Park is definitely a prime-time Chicago neighborhood @Delroy Watson! 

It's a great time to get started.