They all comp differently...Put VERY simply:Urban areas, you want to try and stay within 1/4 mile and/or same neighborhood/subdivision.Suburbs, you want to stay within the same subdv/neighborhood, sometimes this can be more than a 1/2 mile radius if it's a bigger sbdv.

Some weak neighborhoods will pull as much rent as nicer neighborhoods.

Most of the houses priced similarly in decent older neighborhoods are worth half what mine is or less.

Its just under a acre in a subdivision in a pretty good neighborhood.

Just curious - what neighborhood of Chicago is it in?

I settled on a condo unit for a few reasons: in my target town, an affluent college town, I cannot afford a house that would be a nice enough neighborhood to attract the type of tenant I want.

There is a lot you learn from driving the neighborhoods, meeting neighbors, talking to your tenants.

I ran comps in the neighborhood and on the low end, this house renovated will catch $385, on the high end, $410k.

Suburbs, not so much but I know all the neighborhoods and who comprises residents in those areas.

I mean I would assume I would approximate the costs to meet or slightly exceed the surrounding neighborhood.