We are dealing with a lower class community where high school is the absolute highest level of education and there is little to no population growth.  

800k is a lot of cash doing nothing - - but money market CDs aren't worth the effort (at this time) either.I would guess your 7 units are SFRs, so you should be able to get some level of LTV in a cash-out refi and use that to fund another purchase.Caution: don't try this on all units at the same time!  

Ideally the PM I work with will be resourceful, honest and has a certain level of business acumen.

The numbers were not the greatest and I did not keep records like I should have. 

The investor purchased the asset with the intention of renovating the units and adding value by increasing rents.South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents.

The property is assessed at 133k.In general fix and flips are not the greatest strategy here unless the property is acquired at a great price and the seller is very motivated.

I suggest putting in at least 4 inches to cap your building and improve energy consumption, At the time of the tear off coordinate renting a blown insulation machine too and you can add insulation from the roof into the attic/crawl space above the ceiling level to avoid interior repairs.

Your scenario comes with a few loan level pricing adjustments.

Ideally the PM I work with will be resourceful, honest and has a certain level of business acumen.

Many posters on here are giving opinions based on various experience levels and particular strategies they have found success with and see value in.Someone making 300k a year isn't living off of the investment cash flow.