Back to looking & remaining disciplined until I find a deal that fits my criteria. 

The house is in a higher-end neighborhood where resale values range from $400k-$600k.

What is the best way for me to analyze the market and figure out the demographics and statistics of different neighborhoods in the area?

You will find a fit for you.

You should try and find some local active investors and see if they can get you a list of foreclosures coming up and help them find some more deals by door knocking and split the profit how you see fit.

If they have a deal that fits, they'll call you.Alternately, some HML's sell their loans and you could get into the business that way.

Right, so my folks and I have basically finished repairing a 1920's duplex in the neighborhood of Belmont.

I work and live in Chicago in a rapidly gentrifying neighborhood and my biggest concern is that so many people who live here, are not in a position or perceive they are not to take advantage of the changes. 

I think the class c neighborhoods there have potential.  

I think right now the neighborhood is more of a renter community right now, but in the future these houses or duplexes could be sold for way more than it cost to build them.