From there look at other factors like what is the alternative to renting at the subject property, is it close to shopping or major employment centers, parks etc..?

What you are describing (i.e. expanding search area to 1-2 mile radius) sounds like "shopping for higher priced sales" as opposed to looking for recent similar sales in a similar market area.

Quote from @Mohammad Iqbal: Hi all,I am looking to shop for some building insurance quotes for a few rental properties I have located in Chicago.

For cabinets, I have a local cabinet shop I can send you.

@Ally AlvarezI had the same questions several years ago when I got started, and luckily - most real estate investors love to talk shop. 

@Ryan TallAs business traveler to SLC frequently to the DT area having access to transportation and walkability to a place like Trolley Square with restaurants, shops, and a store. 

Building department where you would bring in building plans to get approved see if they have anything identified as being a red flag to that parcel.. ( its a small parcel so unless something is really weird there should not be anything..  )  Unless its a remainder parcel and the size is not big enough to legally build on  that happens in tax sales.

Shop before you buy, so when it's time to hire, you already know. 

A cash out could very well be 50% to 70%, (or they may not do cash outs) depending on the lender so you'll need to ask and shop  around.Each property must be appraised and title insurance obtained on each, so you're not saving much in loan costs except they may close as one transaction, filing fees will be applied to  each property as well.

Shop around.Give it a shot the first year if you can so you can see for yourself if it makes sense.