The bad news is that they have a serious competitive advantage.  

Electrical is one of the major expenses in RE you've got a leg up on the competition.

Chicago is an expensive & competitive market and I'm not too familiar with it.  

If you were in California buyers would be willing to pay well above 70% because there is just so much competition among the buyers. 

Plus, my Oklahoma real estate agent tells me that rentals are more feasible than flips due to the competitive market we're working with and my relative lack of experience as a first-time investor, especially as one out-of-state.

For some reason this post reminds me of this scene...https://www.youtube.com/watch?

The way market is so competitive right now and there are multiple bids on any decent property, I would also recommend other investors to stay away from real estate and this way there is less competition. 

Hi all, I'm very new to the Real Estate investing scene.

This is a very competitive price as it is so much more than just a panel.  

This will give you a huge leg up on the competition.