@Adam EckhoffIf you don't factor in property management expenses, then my cash on cash is 0.96%

I am not sure I buy that Pilsen is the one southside of Chicago neighborhood driving rent increases, but it is surely a gentrifying area and factor.I think Bronzevilles & Woodlawn's ability to have more new developments has allowed that entire se coordinator to become a huge factor on the southside.Regardless, whatever you are doing is working so keep doing it!

I hear all the time about interest rates but that is not a factor in this equation.

.), or to assign a contract to buy to other potential investor with my fee factored in (which, frankly, isn't a net profit at all, it covers countless hours and thousands of dollars spent on marketing efforts, to find a motivated seller of distressed property and successfully close a deal).

Just be aware of potential special assessments that may be in the works or could potentially come about, and factor in continued increases to the monthly COA fee.

For properties that end up selling for well over list price, rates typically don't factor as it is usually cash buyers making these offers.

I understand that rent price is a huge factor, but there is only so much room you can lower it before all you attract is the wrong crowd. 

Two major factors: the fact that it's so small and the associated loan amount. 

The appraised value of the land will be the key factor, but does seem like you will likely need to contribute some more cash than merely relying on the land. 

The appealing aspect here is the ongoing population growth and other economic factors.