The lock-in effect of the period from 2016-2022 when interest rates were super low, causing owners with those low rates to not want to sell? 

Based on my calculations, even with a low down payment, I can achieve positive cash flow (with aggressive enough house hacking).

Little background behind the door: It's a MDF cheap one you buy at HD or Lowes. 

Would a low enough sales price make all of my concerns go away?

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

Target Low Vacancy RatesChicago neighborhoods like Lakeview and West Town boast low vacancy rates, meaning fewer empty months.

@Kristin MathernI would pay it given no keys were provided, it wasn’t specifically addressed/mentioned in your lease, you were provided the opportunity to address/fix yourself with a 25-30 dollar replacement from Lowe’s/Home Depot, and lastly, it was an existing situation that could have been avoided/prevented at move in.

I just did my first town and the units available per headcount seems really low.

Low insurance" is concerning to me, as Athens gets a LOT of high wind / weather / tornado activity for unknown reasons - they just got hit again last weekend. 

The current rents are really low because the tenants are responsible for doing any and all repairs on their buildings (which in my opinion contributes to the poor condition of the buildings).