Your current accountant should have the exact number that is your adjusted cost basis of the old property at their fingertips. 

Management costs would be yours not their current. 

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

I am not a contractor, and have no experience estimating those costs. 

LOVE this software for the flexibility and cost - inexpensive set up and monthly costs by comparison to others like Liquid Logics and the Mortgage Office.

All it takes is one inspector to be perticular about the measurement, and it could cost you your entire basement, or add the cost of trying to lower the slab After you completed your remodel, which means a lot of rework...One additional bit of information related to the City of Chicago Building code which I hope will help someone in a tight situation down the road.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

You are probably going to killed on costs there.

You'd pull 10% of THAT to cover your expenses, and your account would keep growing..Look at your opportunity cost / alternative investments...

Most purchases today are from folks looking to defray the cost of their second home.