Minor leak or major foundation issue?

[Lucas Hammer]

I originally posted this in the Chicago forum, but realized it made more sense here.

Hey everyone, I'm working on closing my first deal in Chicago and the only issue I've found so far is a small foundation issue where it appears that the concrete is coming loose and I'm looking for some opinions on it and I wasn't sure where else to post this.

We were originally thinking that the foundation might be sinking, but my dad, a contractor in Oklahoma, pointed out that the top of it looked fine and it'd show cracks if it was actually sinking. He said the picture looks to point him to a water leak as its just causing the concrete to fall. There is a gutter near this that isn't sealed well that would cause that to make sense.

I guess my questions are:

1. From the picture, does that seem like it might be correct?

2. Does anyone know of a foundation company in the area that might be able to give me even a ballpark idea from a photo? It's tenant occupied and not immediately accessible and we're deciding if we should accept a counter offer they gave us as a credit instead of repair.

Thanks in advance.