Based on my own experience, a key factor is patience.

In addition to cap x, repairs, management, and vacancy - you may want to factor in rent collection and eviction (time and $$$) and see how you feel after that.

The amount of financing is not a factor in calculating the capital gains tax on the sale of an investment property.  

I don't know cost details yet, and obviously that's a huge factor, but I was just curious if anyone here had given it a shot and how effective it was.

Those improvements are probably already factored into the price.Might make sense for owner-occupied considering you would not have another housing payment and or cash purchase which don't sound like a good fit for you at the moment.Nice job of coming to a decision based on good data instead of "ballparking it."

I use 55% to 60% expenses of SGI depending on factors that might cost me more in a fringe area.  

And always factor in active listings, sold listings, expired listings, and active/pending listings.

I have a beautiful wife & 3 small ones under 4 yrs old.  

Also thanks for invite to the meet up, we'll see if I can change my Tuesday's schedule to make it.I live in Lincoln Park, beautiful area and a bit too expensive to start.I was looking at condos in uptown, single family homes in Belmont Cragin area.

I bought a gorgeous condo in a converted building - some shady developer put lipstick on a pig, it was leaking and rotting under that beautiful, freshly painted siding.