You can certainly do outside of that depending on what time of customer you're wanting to attract.

It's also possible your marketing is attracting a lot of tire kickers though.

The only other justification to buy it would be if it had a really attractive cash flow, which again is not the case in your example.

My bank has launched a portfolio loan that would allow a qualified individual to buy a 2nd home loan with just 5% down, No MI and very attractive rates.

I have heard the biggest headache for those people is they attract a lot of parties.

Then this "food for thought"Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That OOS property Class rankings are usually vastly different than the local market they live in.7) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)

Your ad may be misleading people to thinking that the common areas aren't shared and you are attracting renter who want a 1bd/1ba living situation with no shared areas. 

If you list at market prices it should be easy to attract tenants.  5-10% total vacancy expense is appropriate in most Chicago markets (about 1 mo every 18-24 months). 2.TheCHA.org has a lot of good info related to Section 8 vouchers. 

Any suggestions on surrounding areas that are attractive to tourists and affordable?

If you are planning on flipping the property right away, it might be a better idea to go with hard money as being a cash buyer is much more attractive in a market like this.