The outside portion of the brick may be in good condition, but the inside that was exposed to heat may have caused cracking in the middle somewhere.Probably one to buy for the land and location, not the structure.

My numbers are run with an FHA loan that considers factors Is the 50% rule too conservative, or are there simply not good buys right now in Chicago.

One that will open walls to see how far damage might be not just the exposed sill plates but the studs and sheathings behind, below or above fixed walls, floors and ceilings. 

What are the requirements for our renovations to be factored into our Capital Base?

Food for thought of the day....The importance of building your support team/group I have found is a critical factor in this business.

I graduated a few years ago and the key factor to living a few miles off campus is typically public transportation (or school based transportation).

@Jacob Sampson Ah my mistake --- the taxes are about $4,900 and was factored in the above analysis. 

All I want to do is plug in the factors of HOUSE X and let excel calculate it for me and then BAM!

No tax returns are required nor do your personal income or debts play a factor in approval.

The 2nd factor is ...