Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

And cost is not coming down.

.- Expected renovation costs $1MM.

Once you go with a minimum 6 month lease your turnover costs, potential damage, make ready costs, repainting and repair costs, all go down dramatically.  

Educators, education administrators and politicians should be ashamed.3.

Hard money typically refers to a company that has it's own underwriting guidelines, rates (9% - 15%), costs, draw process ect.

Also you should inquire with insurance agents about the cost to insure.

If you don’t have a clear understanding of your cash flow, operating costs, and future expenses, you could be setting yourself up for financial stress down the road.The Power of Financial ClarityYou can’t make smart decisions without knowing the full picture of your finances.

So if I do a good analysis of the property (including all the costs) and the property generates monthly CF with a DSCR above 1.1, I would be removing a big risk because the numbers add up.