How much can I expect to net per month in the West of Chicago

[Jun Zao]

So I have been looking at properties on RedFin for about 2 years. I have no real estate experience. But I am close to 100K saved up.

I notice that in poor/rough neighborhoods, like the West side of Chicago, properties are much cheaper, yet the rent is roughly the same as in good neighborhoods given similar conditions. I assume that the only people who are buying these properties are investors and not the residences who actually live there, hence the lack of buyers presses the prices down. 

Hence that is where I am targeting my first property. 
 

I am targeting:

* 3-4 unit building

* West side of Chicago

* 200-250k price

* 10% down payment

* No property manger; self manage except when I need to fix things

Based on the above profile, the rent that I see in the RedFin postings usually are around 3000 per month total. On 10% down, the principle, interest, taxes, property insurance, and mortgage insurance usually totals to around 1500 per month.

So according to my math, I estimate that I need 500 more per month to cover maintenance, vacancy, eviction, water, garbage, umbrella insurance, etc.?

So I come to a final figure of 1000 net profit per month based on the above situation.

Is this roughly correct?

Is it too optimistic?