Looking to purchase my first multi-unit and property. Should I change my approach?

[Ropo Sanni]

Hello, I'm new to real estate and I'm looking to purchase my first property in Chicago . I want it to be a multi-unit preferably 3 units. I have about $100k available for down payment, closing costs and I'm hoping to have some left over for reserves. The goal is to make passive income and build generational wealth. I'm hoping to purchase something that is move in ready with little work required to make it more appealing to renters while charging max rent. Currently, the properties that seem to meet that criteria, don't work with the numbers I'm working with. Any advice on how to approach this? I'm looking to re-evaluate my approach. 

Thanks!

[Benjamin Aaker]

This is a problem many are experiencing. Much real estate is overvalued right now. With the interest rates up, buyers are becoming fewer. There was a lot of cash out there, which allowed buyers to sink it into deals. They paid higher down as a place to park their money, propping up the housing values. That money is slowly starting to dry up and values are getting soft. Much of what is listed is going to have to come down. I wouldn't put too much stock in that offering price. Do your underwriting and put in a sensible offer. You'll get rejected a lot but it's getting more likely you'll get one accepted.