2 flat in Avondale neighborhood Chicago

[Ashar Ahmed]

I bought my first property a few years ago with a FHA mortgage. Since then I've noticed a new construction boom in the neighborhood. A block south of my 2 flat are row homes/town homes which were sold out before construction completed, several new multi-family and SFH have also been built/being built now in the neighborhood.

I'm thinking maybe my 2 flat is a good candidate for a new SFH. Would I be able to take out a construction loan to build a new SFH with an existing loan? I'm thinking Wells Fargo wouldn't be too happy with that. I figured I would put it out here and see the response from more experienced investors.