Or maybe even just focus on properties with a very light rehab?

The truth is majority of light rehabs in Chicago are done without permits so you will be bidding against people on the property who aren't pulling permits and have a very different total rehab cost.

Many fourplexes also need light cosmetic remodels which might make these be a perfect fit if you're up to the challenge.

Light rehabs with lower holding periods can work at higher all-in %'s since your exposure to risk (via timeline) is reduced and your holding costs are reduced on quicker flips where conversely, you may need more room for a full gut to the studs rehab as your timeline of holding period will be much larger (as well as your risk factors). 

You will also be increasing your understanding of the subject and even getting a wider view of the RE investing landscape.

I receive many pricing guidance requests for Freddie & Fannie Multifamily loans, so I figured I can shed some light on how I as a banker price loans.

No lights, no TV, no phone.

Manolo, you referred to mid grade finishes costing 30-40/sf less than higher grade finishes so does that mean that you have included all the fixtures i.e. tile, sinks, showers, tubs, lighting fixtures, appliances etc. in your 150-180/sf estimate?  

New roof and then after hitting the market it was clear we needed some curb appeal so we improved the landscaping.

Owner pays exterior and hallway lights and trash pick up.