@Alex Young, if you have a valid contract with the seller, you should be able to enforce specific performance and require that the seller complete the sale of the property to you. 

truly valid points.BUT!

From my research it seems I just need to have a valid license. 

How much of their own money do they spend on marketing, licensing, education, gas, etc?

I would validate that cost. especially if in the city of Chicago.Good Luck

Would need to be consistent and stick to one frequency in order to truly validate the numbers.

@Shane Brown I'm pretty sure that place has been on the market longer than that, I think it was for sale when I was looking around last fall, they probably re-listed it - 90k isn't an unreasonble price, that means you have to offer less than 90k and have room to move up.At least go look at it, look at neighboring properties, look at how the tenants live, verify heat type like Amy said, just completely avoid if it's electric heat (it looks like it's Rinnais though) unless you want to spend a few thousand on gas installs.

Quite impressive, not only were you able to validate rent comps, but also affect them.

I would look at turning it into a gas fire place with crush glass.  

Things like who pays for water, electric, gas and etc are properly accounted for in writing in the lease.