The closest I do to there would be Indianapolis. 

I would pull the three closest comps (if you can find any - you stated this is a niche property) and show them that you are in fact at market rent.

Its pretty rural with the closest city of ~5,000 being 15 minutes away.  

I would almost say that of the four areas you listed, you should strongly consider focusing on which one is closest to you.I would also say to be careful about partnerships.

Class A apartments are normally located in area of city closest to best restaurants, shops, etc.

I believe LCPIA is the closest to Mundelein.

But that same idea would yield considerably more if I applied it to the closest neighboring town where I was paying $2.25sf for restaurant space and residential rates are 63% higher.

I'm doing the research on it as we speak.And @Brian Garlington the closest comp I can find is a property that sold in may with similar size but half the beds, half the units and one less bath...and that sold for $130,000.

The back yard realistically would need to be cleared and graded, but we have a brook that runs through and cuts the yard in half so I figure we have to clear and grade the half that is closest to the house but the area that is beyond the brook can stay wild and woody.

@Jordan Blackwell as you and some of the responders mentioned hypothecation is probably closest to what you're getting at though the practicality of successfully doing so is likely far less than BRRRing with real property.