I just looked at some data and it looks like Chicago sees the same trend, fairly flat median home price when compared with other major cities.PM me if you have any questions about specific neighborhoods.

Hello @Alex BalanWhen is comes to investing in areas that our out of reach, I feel there are two crucial elements.

Compare them against one of the rental sites like hotpods.com or trulia.com.

I only wanted internet.I did my comparison shopping, and the cost of internet only with DSL compared to high speed internet (with no tv or phone) from the cable company was HALF!

Pennsylvania is a tricky state compared to others.

Why hasn't anyone thought of overlapping multiple lists (absentee list, compared against tax default or something like that) to find true motivated sellers?  

Despite the historical natural of the properties, I think the properties there provide the ideal combination of cash flow and equity build up when comparing those in Fontana, Riverside, or Rialto...etc.

If gross rents are $62,400 and you purchase at $745,000 then the GRM is 11.9.Have comparable properties sold for 11.9 times their gross rents?

I pick these areas because your BRRR strategy is dependent on finding enough sold comparables upon the completion of your renovation, to support refinancing the property.  

The buyer's bank will assign an appraiser and you will have to go through the nonsense anyhow.Short answer is that you need to make your listing price based on comparable sales, which should de-risk to a large extent the appraisal process.