I had a realtor come over and do a market analysis on my home and it came back at $225-235k. 

Hey BP, I'm looking into a 455k 11% cap turn-key 7 unit fully managed off-market property in Southern Chicago, and I'm trying to figure out if I'm doing something wrong in my analysis.

But a demolition order is very difficult to remove fi the city wants to be tough on derelict properties, even though they have a great ARV an d potential to help life the neighborhood.My Blog below has examples of how rehab loans can work or I'm happy to provide further details.

Are their listings detailed with good quality photos?

Be sure you calculate the expense of repaying the HELOC in a reasonable amount of time into your cash-flow analysis of any property you purchase with the funds.

I'd recommend you also do an analysis on propane cost vs oil over the last 3-5 years.

Going off incomplete data sets with minimal trend analysis can make anything look extremely bad (or good). 

If I'm not paying 30% below market value, it's a bad deal.Here's my question: How does an analysis with a -$647.84 Cash Flow / month have a positive $53,189.20 NOI?

ONE, it would be my first REI deal, TWO, analysis paralysis, THREE, its a fairly rural community,FOUR, no comparable properties anywhere around to get a property value.

Also, there is an IRS memorandum which explains in great detail why a transaction of this type was considered acceptable when the applicable laws and legal doctrines were applied to it.