Good Afternoon Daniel,
You mention that you live in the area.
There is a lot of good housing stock in North Lawndale and based on the numbers you mentioned below about your investment parameters, I would encourage you to connect with Bardan Azari @ CPI LLC, http://www.cherrypickerinvestments.com
They are a foreclosure buyer service for investors, rehabbers and desiring landlords who want to get the right property at the best price. Also, his firm works in conjunction with Realtors, so you if already have a contractual agreement in place to be represented, you are in even better company because you can now have sets of professionals helping you identify the best investment real estate opportunities.
Based on some of our clients recent purchases in North Lawndale, they are acquiring houses for $30,000 to $60,000 and spending from $5,000 to $20,000 to fix them up for tenancy and then generating $1,000 to $1,300 / month in rental income. Depending on much cash versus financing you utilize, your cash on cash return can be from 15 to 30% which far outpaces what you can earn in the stock market. Lawndale and Garfield Park have been two of the harder hit neighborhoods due to the sheer volume of investor owned properties.
Granted, not everyone wants to be a landlord, but it seems you are committed to making the neighborhood better by being one of the accountable landlords!
Kudos to you!
PahRoo Appraisal & Consultancy