@Jennie Berger gave you the whole kit & caboodle on Chicago zoning so I don't have a ton to ad, however, I'd highly encourage you to engage an architect like @Samuel Pavlovcik or @Prashanth Mahakali, both are awesome local Chicago resources.

These small touches can create a memorable stay and encourage positive reviews.Create a Standout Listing: Invest in high-quality photos, write an engaging and detailed description, and highlight features that set your property apart.

Low cost + high rent/value ratio.My market of Middle TN doesn't have any livable property for that price and the 1% rule isn't very realistic. 

Respond within minutes to each one, as tenants often go with the first responsive option.Ensure you have high-quality photos that make your property stand out against the competition.

Right now there's huge concentration, but as this continues to build out and we see north of the high 30s GW by 10 years from now it'll be almost a requirement to keep some type of locality based risk assessment and to diversify. 

3) What neighborhoods would you recommend in this price range if I'm targeting high quality tenants?

Crime in Little Rock is significantly lower than most cities it's the way the city is zoned it looks high based on the old city limits and population.

I would suggest the same thing to my own daughter.Heck, I have found out many of my members at MREI paid 40-50k to one of the high end "gurus". 

I am left to wonder, though some investors with SFR's are doing it successfully, is the risk too high for the reward?

I highly recommend them!