My situation is that I graduated from pharmacy school 3 years ago and declared bankruptcy shortly after.

You are graded harder with a mortgage score since someone is considering loaning you tens of thousands of dollars based, in large part, off that score.Please let me know if you have additional questions.

Also, is the lot a flat lot or will there be grading required?

I've never done one of these before but it seems like you have a pretty easy conversion since the door out the back appears to be at grade so easy to add windows.

If you want to delve into this market further check out The Ultimate Guide to Grading Cleveland Neighborhoods.

I'm really new to this, sorry if this is 8th grade stuff for the pros.

Whether there's a sub-basement or not is usually only known by seeing the house inside.What you described is known here as a "raised ranch" where the main living space is above ground level and there's additional space at ground level or below grade.

Renovate the kitchen standard grade, was what they wrote.  

In this moment I am in the WCHS passing the junior grade.

Well I am no expert by any means, but I helped open a independent pharmacy near there (17th and Main) and did gain a lot of insight.