I would consider going for some geographical diversity or a little further out.

You have given me lots to think about.As to the property, it is located in Albany Park which is a diverse up and coming hipster area in the North Side of Chicago.

Offense - Felony - MisdemeanorCrimes Against a Person or Property - 10 years - 3 yearsDrug Related Offenses - 10 years - 3 yearsTheft By Check Related Offenses - 10 years-  ApprovedWorthless Check and/or Bogus Check Related Offenses - 10 years - ApprovedSex Related Offenses and Terrorism Related Offenses - Declined regardless of timeProstitution Related Offenses - 10 years - 3 yearsWeapons Related Offense - 10 years - ApprovedCruelty To Animals Related Offenses - 10 years - 3 yearsAny Other Felony Offense Felony offenses that do not fall within categories above, (ex:traffic,DUI) 10 year time frame; 5 years for felony DUIDeferred Adjudication and/or Adjudication Withheld - Off probation/parole for 5 yearsPending Cases and/or Arrest Warrants - ApprovedActive Status on Probation and Parole - Off probation/parole for 5 yearsPre-Trial Intervention/Diversion - ApprovedPETS - In terms of pets they have a list of restricted animals.INSURANCE - Finally, they require a renters liability insurance coverage of minimum 100K with the rental property identified as "Property of Interest" on the policy.Anyways, I picked up a few useful tidbids going through it. 

Lots of great info in the replies, and you seem to have the profitability aspect of things covered - I'll just pipe in to say that a lot of it also depends on how hands-on you want to be and how diverse you feel like being.

Their is a lot of diversity here from executive to what I would classify as slumlord properties.Keep in mind that most properties in the actual Uptown are mixed commercial and residential.

For those not familiar with the area, Queens is one of the most diverse boroughs in the world.

Hi Joey,I have a diverse portfolio as I think any investor should have in any investment.  

There are lots of investors and great sources to get a great understanding of ALL kinds of different niches because this site is wonderful with lots of great diverse information.

My endgame is to have a diverse portfolio contacting 4-5 free and clear rental properties while doing 2-3 fix and flips a year with 10-30 wholesale deals a year.

My husband and I used to think that we liked to be geographically diverse, to mitigate our risks from local area economics.