This one seems to have much more wrong.

I like the lower home prices in OKC and these will be brand new homes not much can go wrong with a newer house.

Because these are cheaper, you can accumulate these a bit more readily.Newer B to B+ to A- houses don't have as strong a rent-to-value ratio, but they often have fewer things go wrong over time, stay rented steadily, and have fewer tenant drama issues. 

However, we could list our home tomorrow for $140K.Clearly I understand that I'm comparing apples to oranges bc a mobile home is not officially real estate and our house is.My point is, I think (and I could be wrong) that I could rehab this property and sell it for $27K.Thank you all for the input, this really helps as BP is my one and only location for industry professionals to weigh in on this situation.I know my first deal won't be... well, ideal.  

Am I using the wrong strategy for this market?

All,I wanted to get peoples opinion on real estate values in Chicago being to high and it might not be the best time to enter the market to purchase my first investment property.I see prices close to pre real estate bubble values  from 2007 (IMO. unless someone can prove me wrong). 

Its important though to not just look at the last year, as the small sample size could give you the wrong impression on the turnover rate.

But don't get me wrong the 3 day coarse did offer a lot of information I had no ideal about.

I always heard investors talking about it, so I would automatically think something was horribly wrong with any property listed on the market.

If you are going to pay retail value (which there is nothing wrong with that), you want to make sure it is renovated to retail for the area, otherwise you really will be upside down.