Answer to your question depends on how you define a "neighborhood"  If you consider the 77 Chicago communities as neighborhoods then the answer is no, Trulia is not a good representation of the quality/safety of the neighborhoods.  

And usually, even with states that do reciprocate, there will be a state law component to the course work requirements.

@Benjamin Cowles You can define closing costs with specificity in your actually purchase and sale contract.  

It's jazzed up a bit.I just added some kitchen cabinets for under $1,000 to the same rental, but they weren't top quality.This might help cover more of the variations in a well thought out manner:The Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (BiggerPockets Presents...)https://www.amazon.com/gp/product/0988973715/ref=o...Jim.

So many factors are at play.Net worth is a component but it tends to be iliquid.Someone buying a 4 million property putting 1 million down but has net worth of 3 million and 2 million is liquid still looks pretty good. 

There are a lot of questions to ask upfront that should help you define what you can and can't do.

Based on answers to these questions, you can define what motivates you more.The old adage is true: money is good but it does not buy you happiness and I will add that it does buy you fulfillment either.

I think the missing component would be, how much do you have to put into it to get it to your target ARV?

For Starbucks backed by 20,000 plus stores  you generally get the full value of any tenant improvements you spend as the owner.What some owners do with local tenants is they pay the leasing brokers ( over time ) what they are owed and have language that if the tenant defaults and vacates then the remaining percentage of leasing commissions is not due.The leasing brokers want all the money upfront so it is a negotiation as to how to structure an agreement with payment.Now the PM company that does ongoing care for the property the lease up is a separate component from the management fee.

@Stephen Seaberry How are you defining c/c- area?