A couple questions and thoughts that have came across my mind are below.Contributing factors: (My goal as most newer investors is to reach financial freedom)-Area: Western Suburbs of Chicago.  

Of course, there can be other factors. e.g. 

I've worked for local lenders and big lenders and a lot of it comes down to a convenience factor- if you work with a lender that is licensed in multiple states you save yourself the headache of sending your tax returns and re-explaining your business goals and plans a hundred times over.

If you factor in improvements that mitigate the downsides of a property near highways and freeways into your rehab equation there could be a win.

Factoring in SID/LID, hoa, property manager fee, and I'm assuming other expenses.I just found some rental return calculators online, but I wanted to ask those that are more experienced for their feedback, thanks! 

@Maria Taylor It depends on a lot of factors, but it may be an issue of targeting. $20 is not much but it should be enough if your targeting is precise enough.

With this scenario I think one of the biggest decision factors is, are you eligible for a sec 121 exclusion? 

What have your experiences been on this topic, and what factors do you take into account when making this decision?

I'm from a commercial background, so cap rates are my go-to, but I'm not sure if that is as much of a factor in smaller two to four unit multi family. 

It's based on very specific conditions, seller type, market, and other factors that are too involved for this format.