Upstairs had a legit plumbing leak from old galvanized kitchen drain pipe, that was coming unfrom next door unit.

I recently looked at a house in the 3100 block of N. 34th.

"How long is the typical due diligence" -- I would ask yourself how well do you know the market, submarket, street block?  

As others have stated, that $1,000/mo net will be drained very quickly after factoring prop management, repairs, vacancy, tax’s, etc. maybe not repairs for the first year or two since it’d be a new building but they would be inevitable in the future.

I told him that I was a real estate investor that lived a block over (which I do) and that I was interested in buying his house. 

This seems to be what my HR Block software says.

I gave them one (much higher sell price) only two blocks away.

Trim was replaced, block wall was scraped/treated and we got under carpet and behind adjacent and upper walls to confirm no hidden areas.In addition the air quality test didn’t tell us we had an ongoing problem.I’ve considered a follow up air test, but am wondering if there are home kits or if purchasing testing equipment would be cheaper than the $600 charge by the local testing agency.

I assumed, being the plumber - that he would do so, he explained that we hadn't mentioned this and he'd have to 'send some guys out'. 5 months later and it turns out the waste pipe from the apartment has been draining into our crawl space as no one connected it.

I thought both sounded high but its within 10 blocks of 2 major universities (Illinois State University/ Illinois Wesleyan) and from the research ive done, rent is very high around those schools.