I agree with Afra at that price point it's best to start with flips that have $15K - $30K rehab budget to gain some experience and get a good team in place and then work your way up to larger rehabs with higher ARVs!

I wish I had the time to manage all of my properties but I don't.

Hi, As a property manager in Chicago, if a client of ours presented us with this situation, in good faith, I could not advise them to rent the unit. 

I feel your pain. 

I keep it updated with all sorts of local stuff.

That might not be a bad practice - I don't know if there's a template for that. 

Of course I don't know what you have, but typically what I see is probably better to sell it and maybe buy two in Someplace like Sherman if your resources allow that.

As a realtor I have access to many listings.

I try to have this conversation with my borrowers when i see finished basements on the scope of work.

I have a few thoughts on the above neighborhoods...