Debts are car loan which I got back in March which is $350/month.

I would definetly appreciate it if I could pick your brains when I arrive in Washington next March.

I closed a similar deal this March, a geodesic dome house on 6 acres.

The market slows down around 50% between October and March.

The agent has nothing to lose by throwing out a number and being wrong, the property will already be yours by the time you figure it out and the agent will have already earned the commission and moved on.To add to the comments already offered, if the big ticket items were done in the 90's, then you can figure they are over 50% worn out and you will soon find yourself writing big checks to replace them, or at the very least keep putting on band-aids to stretch their life a little more.

B- and above rental market neighborhoods and I'd prefer non Section 8.Thanks for your insight regarding the tenant-friendly environment present in Chicago.

I am a fellow MArch joint degree at UofI (got my MBA too).

We may also explore select B and C markets if A market appreciation looks less likely in the mid-term. 

@Christopher Winkler my tenants lease is up March 2015.

Zoning on the property is RES-B and properties next door are RES-B - meaning 2 family.