My guess would be that this is not a great location or tenant class that will provide the kind of return you want or are looking for.

The house is location in Oak Brook, IL.In the end I went ahead and leased out the property.

Who did you locate?

With that being said, I have recently entered the real estate market and I purchased my first home to flip, located in Oldtown Scottsdale.

I'm located in the Dallas area and have similar questions.

Seeing as the borrower is deceased, the heirs could negotiate this, but the sunk cost and time of locating them only to be in a position to negotiate doesn't seem worth it to me. 

I live about 6 hours away from where my rental property is located and plann to invest in that area due to the price of single family units.For the no money down option for home purchase I'd look at VA loans if you qualify. 

I am looking at a property located in busy street.  

I think your NAR quote is probably right as we weren't developing from 2008 to 2011, but it probably applies more to select markets where there's been less building recently (strict building codes/difficult to develop/geographically constrained) ...

My family is in Vermont, so the goal is at least 45 minutes to 3 hours distance from their location.