Build Up vs Buy/Renovate in Chicago

[Mariana Rojas]

Hi Everyone,  I have a small (2- floor, 525 sf) rental house in the Midway area. It is on the back of a lot next to the alley. The lot is 3,750 sq ft. I am considering the idea of building up a duplex on the front, on approx 1,100 sf. I have never been involved on anything of this sort, how doable and cost effective would it be compared to buy/renovate,  any thoughts? Thank you so much.