Is this a good deal for a first time rental property?

[Edith Lucero]

Hey everyone, I’m about to start my rental property journey and need advice on whether or not this sounds like a good deal?

I found this 2-unit property for 400k in a good neighbor in Chicago. My mortgage will be about 3k and I would need to put in about 20k to fix-up the two units and then my mortgage will be paid out by the 2-units. In order to start making passive income, I would need to put in about 60k to fix the basement. According to my realtor, and the research, I’ve done in the area, 3-units homes in this neighborhood are about 550k. Once I fix up the basement, we are hoping to rent it out for about 1,300k which will be my monthly gains. 

Let me know what you all think and if there’s anything else I’m missing. Any advice or input will be very helpful!