I think a barn door would be too expensive / out of style. 6 panel bi-folds look like they would fit with everything else. 

Hello Bigger PocketsI am currently using listsource to pull list of specific neighborhoods.

If it fits that criteria, you can still get Fannie Mae Delayed Financing on the property up to the max. of your original purchase price + closing costs, on a 30 year mortgage. 

[If others disagree, I'd like to read why].So if your motivation is purely to maximize your current investment, perhaps find out how much the cheapest fixer-upper small studio, in as worse a neighborhood as you could stomach, in as far a radius from your work as commutable, would cost.

There are a lot of different neighborhoods and the value vary dramatically, of which I don’t know except Zillow’s estimates.I can take a guess about repair values by looking at the pictures and a little more by talking to the listing agent, but I would have to look in person to have a real idea. 

Property values, trends, neighborhoods,etc.

I would be inclined to look into Hammond (need to pick and choose the neighborhoods in both Hammond and E.

Minutes from bus routes that connects to the train which connects to major parts of the city.Ideal Location - located in a mature neighborhood surrounded by several desirable schools.Near local amenities such as a shopping malls and leisure centers.Home setup is desirable - top level and potential legal basement for dual incomeHome is in rough shape and can add value to it (BRRRR method) which is what I want.Alley and Garage parking.Cons - Located on two main roadsThere is street parking in front of the home (2 lanes of traffic both ways). 

I'm not familiar with the area at all so I'd like to work with an agent who is familiar with the neighborhoods and rental market.

Your agent with experience can help you identify properties that would be a fit for a 203k loan and then guide you through the offer/transaction process which is a lot of times very different than a traditional purchase.