@Treza Edwards "I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

That makes the investing and property management a LOT easier.  

Quote from @Brendan Jones: For the homes, and or properties that you will use as a primary or a rental property one big thing I look for is infrastructure in the area, extrinsic value (I.e. hospitals in the area, schools, and job market), and the last thing is creature comforts for people (I.e. is a store to get groceries 1 hour away or 2 minutes away).

Pensacola is a great market for investing and the number of properties available right now is up so there are actually some on market properties with potential. 

Does anyone own rental properties in Detroit?

I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

Congrats on your cash-flowing property in Chicago! 

You look for comparable sales for other distressed properties that are similar and nearby and also counter that with finished version comps so you can see what your perceived spread could be.

@Jeffery Jones you understand you'll be buying Class C & D properties, not in the best of areas?

Quote from @Louis Hamilton: The property is worth around 800,000 and has no mortgage on it.