While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

It will be a run down apartment building before long.

Otherwise they just run around and bid projects for people that don't close.

The only time we will not make an offer site unseen is if we run into a situation where an owner or a realtor won't accept site unseen offers. 

It sounds like you've done a lot of the preparation work required to hit the ground running. 

If you don’t mind a little more advice…when I’m running projections like this, I like to use the worst case scenario and if the numbers don’t work out in that scenario, I usually pass on the deal.

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”

As Alex mentioned (thanks Alex), I run the Santa Barbara meetup.

I can also be a resource for you if you're interested in acquiring run-down or as-is properties.I look forward to connecting with you and learning more about your real estate goals.

You haven't told us anything about what you plan to do after purchasing the property, so it's not clear how important interest rate is in the long run.