Do some searches on Craigslist and the Chicago Reader for comparable rent rates. The property sounds like it might be sweet, but that location isn't exactly Lincoln Park. Monticello and Palmer... still kinda rough over there.
I found this, which is near and comparable, at $3200/month, but who knows how long they've been looking for a tenant... I'd start at about $2800 and see how many calls I get...... more