203K Loan Worth It in 2021 Considering Construction Costs?

[Hemang S.]

Hey all! I am considering getting a 203K or Homestyle loan to house hack a 3-unit property in Chicago. I know that the 203K is not competitive in this market, but I am wondering if a rehab loan is a terrible idea because of increased labor and materials costs, lack of good contractors, and increased timeline on order materials.

What do you all think? If you are currently doing something like this, I would love to hear about your experience too.