My House Hack Plan in Chicago

[Fabricio Kannenberg]

I think it would be better to share my thoughts on my house hack investment plan here in Chicago so you all can pitch in provide any advice. 

Here we go:

• Property Type: 2-3 unit multi-family
• Area: B Neighborhood, walking distance to the "L" and less than a 1 hr driving distance from O'Hare.
• Financing: FHA 3.5%
• Monthly Payment Goal: In total, I'd like to keep the Total Monthly cost of the property to $2200 MAX. This is an amount I can cover in case I have vacancy or other issues. 
• Property Price: Somewhere from $250 to $350K depending on rehab costs.
• Rehab Requirement: Low to Medium. Gut rehab is above my experience.
• ARV: It would be nice to have some increase in value over time, but the goal is to eliminate my $2K housing expenses.
  Cash Flow Goals: $0 (with me living in the unit). Minimum of $200 per door without living in the unit. So I can move out of the property in 1 year to house hack again.

With all that being said, let me know what you think. 

What are the flaws or things to consider in this plan? Which are the areas the plan would work?

Thanks 

[Joseph Konney]

@Fabricio Kannenberg - Check out Forest Park (1-2 miles West of the Chicago city limit) which straddles the CTA Blue line (one of two lines that run 24-7) and connects to O'Hare as well. While traffic is light right now, Google says driving commutes are currently: 18 minutes to O'Hare, 27 minutes to Midway, 18 minutes to the loop. You also get easy west suburban access with 290/294. 

Prices and taxes are moderate compared to some of the far west suburbs. I rented here, moved to Chicago, and liked it enough to move back purchasing there.