The FMV of this house is probably along the order of 120-140K, possibly higher in the right market/buyer environment.

If you like that pawn shop environment, don’t miss out on the fun to be had at USA.gov, which is where United States government agencies liquidate real estate and also other assets that have come under government ownership, such as airplanes, jewelry, art, vehicles, antiques and computers.

Depending on how much natural light the interiors for each room gets and the environment.

Due to the low interest environment hedge funds and insurance companies are looking EVERYWHERE to find safe yield. 

BTW - I am also interested in lawn service for the Northside (Wicker Park and environs).

Just like you I wanted to go full time and start a real estate business and move to a new area which provided me with an environment I had the best chances to succeed and build my passive rental portfolio.

In an auction environment you can exceed 10, 15 nor maybe 20% of a reasonable estimated market value, but that market is also different, it's not like dealing one on one.Predatory waters is my description for acts or attitudes that expose you to much higher risks of violating applicable laws, it's not a law itself (but can be specifically in certain aspects).

@Dean HulsingOnce you understand the environment in which the business operates (local tenant population, average rents, physical and economic vacancy rates, the growth / decline of the local economy, the risk of the local economy (i.e. does most of the tenant population work for a single (cyclical, declining, growing) employer)), then you can compare the business (property) to its peers and evaluate its shortcomings and potential.After the above, you should be able to put a value on the business and, if it looks to be a profitable, long term venture, issue a Letter of Intent (LOI) with your offer and deal framework,  If accepted, you then dig-in and conduct the formal diligence.

At least we are helping the environment by recycling:)

I follow the economy closely and feel the environment is still safe for investment, both in the stock and real estate markets.