@Tim Ryan I should have said the unit is uninhabitable and by rehabbing it will produce rental income, so a years rental income/ capital invested = CoC return?

If you can reasonably throw up a new wall and closet, turning a 3 bed into a 4 bed, that is a great place to start, but only if it works for the property and you have at least 2 full bathrooms.  

I live & invest in Chicago but recently have turned my head towards Northwest Indiana because of the landlord friendly laws, it's ridiculously costly in Chicago if you have to evict! 

I hooked up with Zeker through Rent to Retirement, the turn-key company I used to find my rental.Deborah

Craigslist wasn't pretty, but it was easy to use, and it worked (I found lots of great tenants via Craigslist) ...unfortunately, over the years, Craigslist produced fewer and fewer tenants, and more and more spam.  :( These days, nearly all my new tenants come from Facebook Marketplace.  

Also,  make sure your turn over costs account for the smoke damage.

Also, are you looking for turn-key properties or something along the lines of a "fixer upper"? 

But if hold on them for awhile and pay them off, then your family and kids and enjoy the income they produce.

This in turn usually leads to missed deductions on the tax return.

For example, in some cases even when the home is livable a seller might turn off utilities on a vacant house to save money.