I'd say, if you can renegotiate the purchase price and get the knob and tube replaced I'd recommend it. 

Securing funding has been challenging, particularly because my business documents reflect low revenue from only one duplex, and I am currently between jobs.I have identified a reasonably priced piece of land and have saved a small portion of the funds from my duplex sale to invest in this venture.

He needs  good RE broker to give him price its worth ..

Purchase price: $161,000 Renovating now What made you interested in investing in this type of deal?

If Oak Park allows STRs, leveraging that history could make the property stand out.That said, unless the home has been preserved as a landmark or has unique historical features, the value boost may be more about novelty than a significant price increase.

If it's a fixer upper you would account for the rehab and purchase price then compare against the ARV.

There was positive population growth, medium home price growth, low unemployment, good rent to home ratios, and low crime, all of which are factors when I start looking into an area to invest in.  

If your target tenant is looking for a car-less lifestyle then you’re going to be competing with units close-in so you’ll have to win on price or features to get them out to 82nd.

Quote from @Kwanza Price: Hello, I just upgraded to PRO.

One meter reading for all usage or like some small communities a set price for each occupied home?