@Christian SolinskiI LOVE it, for a large home, somewhat secluded, in a moderate climate.

In addition, I am looking for advice on who my target audience (college students, low income, moderate or higher income, etc.) should be for the specific areas?  

Moderator, this is not a solicitation. 

This does present a hurdle to RE investors when they are first starting out because most of these new RE investors  do not have much excess cash to cover a large capital expense (or even a moderate cap expense). 

HVAC people tend to be less busy in the spring and fall when the temperatures are moderate, so proactively replacing during that time will get you a lower cost.

In the areas that I am targeting in Chicago, I am expecting low to moderate appreciation with a buy and hold long term rental strategy for cashflow.

Not everyone is in the California market on here and not suspect to some of the descriptions in your post.Why would Bigger Pockets have you as a moderator is beyond me.

Actually, that wasn't for you, ;-) it was for the moderators who delete posts if there is any suggestion of that kind of thing.

I’ve been listening to podcasts for a few months, reading books (Rich Dad/Poor Dad, ABC’s of Real Estate, 4 Hour Work Week, etc), and have done moderate research in the industry.

I saw very moderate changes on the lower priced appliances.