@Bryce Sablotny I don't think Marijuana would have a big impact on housing prices, but most people moving somewhere strictly for marijuana purposes would probably move to CA, NV, CO, or WA before IL

Hooked up with a realty as an assistant strictly for MLS access to find deals/run comps? 

They can be strict but as long as there are no major issues you should be fine.Best of luck!

Certain appraisers follow a strict guideline.  

If you're thinking about moving into it in the future and having the family right there, that's a completely separate thing for you to weight versus just comparing strict investments. 

Surprised nobody has mentioned that you shouldn't be using a cap rate to determine your offer.This is a residential property since it's under 5 units and it's value is strictly based off comps.Look what other comparable 4plex's have sold for and then decide your offer based on that.It could very well be that you're just in an area where the price to rent ratios don't make sense.

Use your savings and then live on a strict budget so that you and your partner can save up another down payment.

By the way, the HOA is a voluntary HOA (I don’t pay any HOA dues or anything) so I’m thinking they’re less strict but I’m not taking any chances either!

This is all strictly for buy and hold investing with MFU.Any good contractors / property managers that I could rely on down there?

I'm obviously intrigued with the even more passive income model once the park is strictly renting out pads and all homes are owner owned.