Contrary to popular belief, screening services miss a ton.

I don't have lots of cash at all, only the naive belief that I can raise it when the time comes. 

Which will make it equally difficult, at the very minimum.

Free doesn't always equal cheap :)That being said, I'd treat this like any other investment.

Numbers wise, a bit close to not making the 1% rule with the monthly rent equaling 1% of the purchase price.

Broken blinds in all windows equalling 500 dollars, when we moved in only 2 rooms had blinds, and only one set was bad.

Hi Jon,Thanks for that.By going with a Cap rate of 10% after the 50% rule and a 25 year amortization at 6.5% I'm coming up with $56,712 a year in payments so I would actually be out of pocket $6,712, and assuming appreciation is equal to inflation there is no gain there, so why would anyone bother?

Failure to comply with just one of the many requirements of the Chicago Residential Landlord and Tenant Ordinance (“RLTO”) can result in a judgment against a landlord equal to two times the security deposit plus interest, court costs, and reasonable attorney’s fees.Second, investing where you live doesn't always make sense.If the market is depressed, and/or the rates of return are low, then why would you "invest" there?

In the business district (downtown), we find our clientele to be young professionals and studio, 1 & 2 bedroom units all rent equally well, but larger (3-bedroom) can be slow to rent.Around the universities, cost/room is the main driving factor for students, so 3 & 4 bedroom units always rent early and 1-bedroom units seem to rent last.

It was low because you have to fund the impound such that the amount added each month will equal the amount of the property taxes and insurance when they are due, plus 2/12 of the amount of each.