Yes, you have to factor in maintenance, cap ex, vacancy, etc. but the numbers can still work in your favor.

Elaborating further, as input: - percent vacancy- percent CapEx- maintenance and repairs- utilities- property managementAnd output the following:- cash flow- cash-on-cash return- and would be nice to have Net Operating Income and Cap RateIs there anything like that or is it better to build myself one?

Besides NOI/Cap rate/LTV (70%) what else would lenders look for?

Even at a conservative 8% cap rate the building is worth around $1.625M.

The NJ deal had a usury cap on business loans of 50% so that was enforceable and within the legal limits, got the property back.

What kind of CAP rates can I expect in these areas? 

That flips as you add units, anything 5+ for example the market for buyers is near 100% pure investor - so value will be mostly determined by rental potential (cap rate)

We will probably be capped on income at the LTR market rents on the 1007 report, but happy to take a look if you can shoot me an email.

You are probably better will serve to invest in the Chicagoland market particularly on the southside where your cash flow margins and cap Rates are higher much higher.

An LLC for your single family rentals and then cap the capacity, say 10 houses.