I don't like walking to school in sub-0 degree weather...but I guess if I get close enough that wouldn't be too big a deal. Decent 1 bedroom apt w/in walking distance to the law school for less than 700/month possible?
Sorry about the delay in answer.
Finding something in that price range should not be a problem.
For the best deals, look out by the engineering campus (out by Camp Randall). It's a hike (to say the least) but you'll be rewarded with affordable houses that have been converted into duplex/English style flats. The UG presence out there is not as great and of those that are out there they're for the most part engineering kids (see studious ie Nerds ie quiet).
Stay off Mifflin, off Langdon (Frat row) and out of any of the high rise looking places. All are party central regardless of time, day, classes, etc.
All of this is based on price of a single w/o a roomate. Grab yourself a roomy and your options open even further and the price will drop.
Another place to look is East of Langdon on Gillman, Gorham, and Johnson (and their associated cross streets). Very cool area with a good sense of community. Low rent, interesting spaces, and mainly Grad students. Plus the walk is no where near as far.