I’m a new investor based in Chicago, but willing to relocate to nearly any city in the Midwest.

Quote from @Nathan Cron: @Michael Evans Hi Mike my name is Nathan I'm a Director for New Western and based in Southern California. 

No offers in this market is typically based either on price or practicality.

“To keep up with annual demand, the US needs 1.86M new homes (for-sale and for-rent) per year through 2033, based on underlying demographics and current undersupply.

Not the worst alternative. 

You are bidding in the blind based on what you can see from the outside of the house, and (if vacant) what you can see sticking you nose up against a window (usually).  

Everyone here will try and sell you something based on what you're describing.

Alternatively, there is a category of loans called non-QM.

And is that refinanced commercial based on the 750k total put in? 

Uses that also target the business incubator residents/visitors and remote workers might work, e.g. many years ago I'd thought about doing a sort of subscription-based co-working space - something of that sort may do well initially, but may be much more successful in about 5 years as the area continues to redevelop.Current resident population within 1/2-mile is lower-income.