I tend to do a quick dirty look at a building like JW with price per door, but after that sniff test, I quickly like to understand $Cost/SF and $rent/SF.The way I look at a single family, 2-4 units, or a 20 unit is all different, but the end result is still ROI or IRR (over time). 

. - You've got some pretty solid information above and concurrence that it shouldn't cost nearly as much as you thought, but on a separate note, I'd like to understand your situation a bit better.You are currently just looking for a Chicago property to purchase and asking the quit claim question in preparation for closing? 

I understand not buying more up there, but your initial investment there will turn out well.You can check out the BiggerPockets video podcast and leave a comment if you have questions. 

@Karl Kauper with a SF you can require the tenant to take care of lawn and snow, but they might not be up to your standards. 

It's all noise because you shouldn't invest until you have a foundational understanding of what you are doing.

Many S8 tenants are getting free rent money, yet don't take the time to understand the program and dump everything on their caseworkers and landlords!

It would be smart to do a full lease audit, estoppels issued, and tenant interviews.And if you are buying cash, there is nothing mandatory, since it is your money at risk. but again, physical condition inspections, understanding of tenants (they are a great source of information about issues with the property that the landlord may not know or may not disclose), surveys to understand accurate property lines, etc.

It’s worth understanding their opinion and sometimes this kind of request means they see more potential in the deals than they’re letting on.

I would recommend house-hacking or partnering/mentoring to get a better understanding of real estate on your first deal. 

so comparing miami to ohio or kansas or iowa is very wrong in my own opinion, because you are comparing diet coke with unsweetened tea, once the economy created its own pattern of success , comparing it to other town would not be accurate becoz the methodology of understanding the phenomenon has not been researched yet.like california is now the strongest market in usa although price wise it is the second highest and huge pop declines.