If the current tenant is still bound toward paying rent, I don't see what the big rush is. 

Even having the MLS access to see disclosure documents and agent-only comments could sway you one way or another on moving forward.Finally - if you don't or can't service someone but want to refer them to another agent (in or out of state), you can get a referral fee back (negotiable % usually in the 20%-30% range) to help offset those fees.

I try to be really conservative (especially in my price range bracket at the moment) for any MFU properties since many in Chicago NEED rehab and those repairs can really hinder your cash-on-cash returns in the long run. 

(depending on your current financing, the limit is going to range up to 90% LTC in most cases)2.

Sometimes of course we look at big areas and speak in generalities when there are significant submarkets and price ranges and ages that have different characteristics.   

In a market that should be trading at an 8-10% cap range, I'm seeing properties go for 4-5% caps.

The current value range is $210,000 to $229,000 and through its current rental term, it cashflows about $250 per month.

The current value range is $210,000 to $229,000 and through its current rental term, it cashflows about $250 per month.

I have never built a home previously and open to the idea, especially if my net gains are in the six figure range as you outlined.

My price range is 300k so my hometown Toronto is out of the question.