Investing in Chicago - Canaryville

[Joseph Pochinskas]

Hi Guys, 

I am currently in contract on a multiplex in Chicago, specificaaly in Canaryville. It is a 4 Unit building and I will be living in one. The Principal, Interest, PM, Taxes, and Insurance will come out to be $2,200 and right now each unit is paying $800.00 for a total of $3,200.00 - with the potential to get rents up to $1000.00 in the next 5 years. The neighborhood is very nice as well, with most buildings being redone in the last 5 years but the surrounding neighborhoods are propbaly 10 years away from real change. 

It is a question everyone is asking but is Chicago, specifially Canaryville, a good place to invest right now? I am concerned that COVID is going to last longer than expected and drive the population out of Chicago which will decerease demand and lead to price softening. Should I continue with this contract since the numbers work well? 

Thoughts?