You want to look for similar options and see what they charge.If they are charging $1100-$1300 and have no vacancy you're in good shape, otherwise move on to another idea.So, to summarize a bit, this strategy works really well in areas where small apartments are in short supply and fairly high rents.

Summarizing..

I've summarized my understanding of their offering below. 

., most homeowners won't undertake these types of renovations and therefore can't "unlock" all the additional value themselves.So, to summarize, the two ways that flippers make money in this business are to make money when you buy (i.e., purchase so far below market value that you have equity after the renovations) and/or make money when you sell (i.e., increase the value so much with the renovations as to put the property in a new class when you sell)."

To summarize, this looks like a great property to go after... you can deal with all those details as they come up. 

@John Wright Josh summarized it nicely. 

@Brenda Mize  could you summarize what you learned about using auction.com. 

Curious as to what the Condo Ordinance/Regs are for Somerville, would you mind summarizing?

. :) 4 pages summarized in one beautifully articulate albeit why-did-we-have-to-do-all-this-to-get-here quote.

To summarize a response to your questions(1) Would only pay off student debt if interest rates are >7.5%... else would save money for investment purposes(2) First investment.. duplex or triplex would get you the most income (paying most if not all of your PITI payments).