It is being foreclosed against an estate, and the amount to be raised/remaining on the mortgage is $30k.

I was born and raised in Louisville and know the area well.  

The demand has raised the price in the past 2-3 yrs.

As you probably already know, it's great place to raise a family and has the best schools in Illinois.

at $50 a month, it's not worth it because if JUST the dishwasher goes, that's 6 months worth of profit.you should try to bring expenses down and raise rent (by whatever means) to get a higher cashflow.unless it appreciates, of course. then i'd keep it even if i lose $50 per month.hope i helped!

And if you do that, then you end up paying a higher rate, a shorter amortization period which raises your payments, and they're typically a 5 yr balloon where the rate can reset after the 5 years. 

Born and raised in Nashville, TN.

I have never raised a rent on an existing tenant yet.  

You would at least have to have it disconnected while they are doing the house raising.

why not raise funds for the home in the south suburbs and flip for profit.