Opinions Please - Lincoln Park, Chicago

[Ed S.]

Greetings BP,

Long time lurker, first time poster. I've been renting in Chicago for 3 years, and I am ready to make the move into a home purchase.

Objectives:

• Buy multiunit building and hold for ~10 years
• Stay near lakeshore in Lincoln Park
• Keep personal costs near current rental ($2000/m)

Could you give me a quick opinion on numbers, please?

Income: $145k

Current Downpayment: $60k

Target home price: $600k

I've found this two-flat that fits my target.  The neighboring single story (with curb appeal) just sold for $800k.  Mine definitely needs some cosmetic work, but appears that the big tasks (plumbing/electric/hvac) have already been completed.

https://www.redfin.com/IL/Chicago/223-W-Menomonee-St-60614/home/13345194

Monthly balance

Mortgage payment: $3000

Taxes/Insurance: $1000

Rental income from 2nd unit: $2000

Do my numbers sound sensible? Would you recommend any other property types?  I am personally attached to the Lincoln Park neighborhood.  Should I keep renting here and buy a specific investment property in a cheaper neighborhood?  

Totally open to your feedback.  Thanks for all of the great resources on here!

Ed