The 2nd floor 2BR unit has separate electricity and cooking gas.

Look what the Windy city blow in@Jonathan Morris welcome to biggerpockets nationKeyword alert examples : Illinois, Cook county, Chicago, buy-hold , Fannie Mae, hud , c fold , marketing, zip, 2% rule, and etc

Or is it better to pay current market prices on a more turnkey property to avoid having to hire and coordinate fewer cooks in the kitchen?

If you think you are going to go bankrupt, wait until you get the bills for water, gas, cable, internet, trash, mowing, electric and sewer while the place is unoccupied.The worst thing that can happen is that some meth head breaks into your place, steals the HDTV, and sets the place on fire while cooking meth; but don't let that discourage you.

Tenants always calling the buildings department just because of a clogged drain, police running in and out looking for that gang member child of your tenant, kicking in doors, people stealing light bulbs from the common fixtures to use in their private areas, removing smoke detectors from inability to control cooking smoke, the day of the building inspection, so now you are fined for not having smoke detectors, not using trash bags in the trash containers, leaving furniture in the yard.

you might try looking online in the cook county records for a specific building. 

I read that in Cook County, you could qualify if you make less than $80,000 (as a single individual) and get up to about $400,000 loan amount.

@Robin Valadares - Let this one keep cooking!

Many perm lenders are currently shying away from Cook county.

Bill Cook in North Georgia makes two offers on every property- a low cash offer and a terms offer with Seller financing (carryback.)