Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

The theory of the tipping point comes to mind when I examine real estate investments.

Some of the adjustments to projections we are making at Blue Lake to account for our unprecedented time:- We review returns assuming no rent increases for 12–24 months- We assume a higher bad debt (delinquencies) up to 4 times as much as current delinquencies- We assume 2–3x higher vacanciesThe bottom line is that investors need to be comfortable with balancing the weight of potential short-term risk with the weight of potential long-term rewards when examining a transaction.What Factors Should You Look for as a Passive Investor?

Trulia took away my crime stats a while back. not sure why

Gone are the days of taking it as-is.A few interesting stats from the latest Denver Metro Association of Realtors' July report (with data only up through end of June):-- SFH listings are up 119% year over year. 

I love stats and numbers. 

There are too many stats showing that prices, foreclosures, starts, inventory etc are not anywhere near the levels of 08'. 

Account Closed - You can google population and crime stats by neighborhood.I do not specialize in the entire city of Chicago, it is way too big to have expertise in the entire market. 

@Michael S DawsonThere are two types of companies that will perform cost segregation studies for you.One where there are normally professionals(Engineers) that examine your property and provide you a report - These studies normally start off at $2,500DIY Studies - A study where you are prompted to answer questions on your property which will then provide a report based on your answers - These studies normally start at $550Best of luck

I would examine the smaller unit more to get better cash flow information.