But she said the seeds for the current lack of housing took root long ago, and more than one kind of garden tool will be needed to dig them out.

A lot of landlords make the basements livable although these units are not considered "legal" by the city of Chicago.I have seen some basements/garden units in better shape than the "legal" units.

From the outside, it needs a new roof, many/most windows, extensive landscaping, and new siding (about 50/50 brick/siding, brick is good). 

Here's what I know of the numbers: House is 4 bed/3 bath, 3100 sq ft$55k is owed to bring everything current (HOA, mortgage, fees)$8-12k for rehab - general cleaning, landscaping, 1500 sq ft of carpet, interior paint in some rooms$164k - current loan balance, $155k after bringing loan current, PITI is currently $1076 @ 3.5%$1800-1900 current rents in the areaIf the loan were called, I would be able to pay it off. 

I'm just starting to figure out the investment landscape up here. 

We painted exterior/interior, installed Stainless Steel Appliances, New kitchen/bathroom/light/door fixtures, crown Molding and Kitchen Backsplash.ExteriorNew Exterior paint, carpentry/masonry repairs, new community/gym room, New landscaping, driveway fixes, plumbing leaks repairs, new pool resurfacing, new roofs where needed, water heater replacements, new water softeners and security systems.Property ManagementUpon takeover, the property occupancy dropped from 89% to 77% within 2 months.

You couldn't buy a lot and build the same size house to the point of just needing siding, windows, paint, flooring, kitchen, bathroom and finish landscaping for $80,000.

It looks like I will need to do some landscaping, gravel driveway, crush and run and some shrubbery.My realtor said that she thought banks would have tougher lending standards for manufactured homes and FHA may not be available?   

Around here about $90 to $100 a square depending on finishes and complexity of design, which would include driveway, septic system, and no landscaping

Has keyed our car, assualted our landscapers, and there used to be a meth lab upstairs.The neighborhood is mostly gentrified.