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. 

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

number, frequency, and substantiality of sales [this generally is the most important factor (Suburban Realty Company)]; See (c) below iv.

Then you need to factor in the cost to finance if you are doing so (ie. underwriting fees, closing fee, etc.), holding costs (utilities, property tax, etc.).