About to submit an offer on a multiunit in Chicago and am paranoid about it

[Joe Sierocki]

Hi all, as the title suggests I am submitting an offer on a non-conforming 2 unit in the Logan Square area of Chicago. The property would be conveyed to me as vacant and after crunching all my numbers over and over again it seems like I will be about breaking even on day 1 with everything rented. If anyone is familiar with the Logan Square area, it is definitely a very popular area within Chicago with good appreciation and kiddie corner to Wicker Park and Bucktown which are two places with no properties below $1 million. I don't have a portfolio at all yet so this would be my first acquisition and I'm becoming very paranoid about the situation I'm in. The down payment alone would be my entire savings, and I'm worried about the property not performing like I'm hoping and my agent is expecting. Any advice for an overly analytical first time investor?

[Russell Brazil]

Id ask @Brie Schmidt if it matters in Chicago whether it is a legal or illegal multifamily.

But youre going to overthink every property. Until you own 4 or so, thats what people do. The reality is, real estate isnt as hard as people make it out to be.