@Isiah Ferguson If anything, it's the credit score that is inflating the interest rate.

Economists were warning of an inflated market a year ago.

The ones I research charged the 10% for collecting the rent and handle calls during 9 to 5.BUT charge extra for - leases, re-up leases, calls after hours, lawn service, snow service, court service, attending when a contractor shows up, percentage of contractor invoice or using family member's services with inflated prices, tenant showings and necessary permit inspections.....all extra fee!

Backed out of inflation, that $1M would be equivalent to $250k or less in 30 years.

I hear that our county values can be deflated in some areas and inflated in others.

You plug in a sale amount by year and quarter snd it will give you a current valuation based on their data...inflation/appreciation on same property repeat sales using conforming loans.

So, pay no more than $180K.In two years hopefully the market has appreciated or at least followed inflation and now those $250K houses are worth $275K and you are easily able to sell for $275K since your place is nice and updated.  

Does this look like an accurate analysis or am I using inflated numbers?

Cap rate in the areas we wanted to buy are so bad (1 or 2%), even for the add value plays (which I think in Chicago is a tough play right now with everything hyper-inflated from the dollar to the prices of property).

Fast forward 5 years, and let's assume what a lot of folks are thinking might happen proves to be correct: there's been some inflation, lending rates are up, and despite my best efforts, I bought in a market that was hit by some sort of unexpected economic drop, so vacancy rates are up, rents are flat (or down) and Cap rates have gone up significantly in the area.