I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

You have to tell people if a toy is broken, missing pieces, or might explode when played with.

Only about $3k was spent to make upgrades and improvements to the property.

Honestly, upgrading to a commercial-grade stackable setup like Speed Queen or Maytag might be your best bet.

This successful flip showcased the power of strategic upgrades and partnership, resulting in a solid return on investment.

Also, from what I read in Bloomberg, midterm rentals near major hospitals can sometime command a decent premium.. especially if they include some nice furnishings.Little Tweaks Count: Even minor upgrades, like new door locks or a fresh coat of paint, can help you justify a stronger rent.Driving for Dollars & Networking..

It did need some upgrades, but I'm definitely out of pocket a lot on this one to turn it back into an STR. 

That's the first question as real estate is like another job and if you are upgrading properties it's like running a daycare. also what experience do you have?

The seller wanted a buy-back, and we added a clause that reimbursed not just for upgrades but also factored in market appreciation tied to the improvements.

In very broken English:"No necessito, US has free food!