Take a temporary job with a contractor so you can learn what goes into home repairs which will help you immensely when estimating repair costs.

Average tenant stay: 5 yearsNumber of evictions in the last 16 years: 5Average turn cost: <$5002008 crash performance: zero decrease in rent, zero vacancies COVID performance: Out of >200 properties, 5 tenants had trouble paying and moved out.Properties That Attract Our Target Tenant PoolThe majority of our properties are single-family and a select set of townhomes.

Expected monthly repairs and budgeted cap ex were lower, due to the repairs completed immediately after purchase.Post refinance, the mortgage payment increased from getting a larger loan, decreasing the monthly expected cash flow to approximately $200.In the 16 months of owning, the property was rented out for 11 months.

Aside from redoing the floor and installing thick rubber noise barrier, which will be very expensive, what do folks recommend on solutions to decrease the impact noise heard on the 1st floor?

Rolling Meadows and Arlington Heights are two surrounding suburbs directly next to eachother, which is currently a more pricier area with doubts of decreasing anytime soon.

They may have temporary shelters and options of housing for the disabled.

Does landlord need to pay for temporary housing for tenant?

Then you don't care if there is a temporary dip in prices. 

As a newbie investor looking to purchase his first property, this makes some sense but at the same time, I don't want prices to decrease substantially. 

Pick up 2 extra jobs, move to a cheaper (or free) housing situation and live like a pauper (this is temporary sacrifice for Massive long term gains).