That same house in Indiana (any area in Indiana) would be 2k or less (they have a state mandated cap of something like 1.5%.If you don't have family or anything in Chicago in those areas, I would strongly suggest you reconsider targeting the south side.

If the market trends and current rent situation for the comps do not support those two options, then you might want to reconsider if you are buying it right in the first place.

If you cant emotionally detach yourself from your investments better you should reconsider any method of landlording.

I am glad you all took time to provide your thoughts as it seriously allows me to reconsider my decision.Thanks again

After I sent the offer, the seller called and asked me to reconsider my offer.

I on plan on using the cash flow as a fund raiser.I have also considered a master lease agreement/lease option until the reconsideration is dropped down again or a land contract until the equity balances out to the reconsiderred lien at 50%.Marie, How would you structure the deed in to an LLC or should I ask who would own the LLC in this case the current owner and my self?

In a disaster scenario like that of 90% depreciation in price I would probably be more worried about guns, ammo, food, water, etc not my real estate portfolio =D.I use income decrease of 10, 20, 30 % based on how solid I believe the market is but I would say that if you have to use 40% or more then your market would be highly volatile and you may have to reconsider your stability of your income if we're talking about rentals.

That will tell you what most would expect.When I bought a rental house earlier this year in a new area, the realtor/property manager told me that it wasn't expected for me to provide a refrigerator or stove much less washer/dryer, so you might be surprised what is the norm.Beyond your direct question, though, I think you need to reconsider your plan.  

I have my eye on another one but don`t have the required down payment so in 2015 I`ll reconsider it when I have the required amount.

@Jean Nkondi , I think you really need to reconsider this strategy because of problems at multiple levels.If you don't have a contract, then you are just acting as a bird dog and you better have a close relationship with the potential buyer because if not (ie just posting on a website), what's to keep that buyer from bypassing you completely and just going directly to the property seller?