If you are getting a loan, probably not. What you want is a 203k loan. Mortgage companies and banks usually allow a few thousand dollars for closing costs to come back and be wrapped in the mortgage, but usually not this kind of money.
Depending on the kind of work that needs to be done, you may not even qualify for a regular loan if the bank or FHA minimum standards for occupancy can not be met. The 203k streamline loan is a loan that allows people to get up to 35k over the price of the mortgage for repairs and/or upgrades.
Also, many communities in this area require inspections to ensure minimum standards are met to occupy. So, many or all of these changes may need to be made prior to occupancy.
One more thing, if you are not aware Park Forest and Chicago Heights have an incentive right now through a state grant that you can get 10k for purchasing a vacant home.
I work in this area and I would be happy to help you find something and/or help you with a home. There are a lot of homes out there that have been rehabbed already and are in move in condition at this price point.
Please feel free to contact me for assistance and information.
RE Marketing Consultants