How much money can I make off Airbnbin Chicago?

[Matt Jordan]

Hello,

I am 26 and am thinking of buying my first rental condo in Chicago to put directly on Airbnb/VRBO. I have owned a 3 bed home in the suburbs for 3 years and think it's time to own in one of the best cities in the world. It would allow me to use the condo when I please and have the mortgage paid for + profit. I can increase the rate dramatically during concerts/events. Here is my plan:

Purchase a 1 bed, 1 bath condo with HOA under $300/mnth. No rental cap or rental restrictions. 1 parking spot included.

Looking around River west, west loop, lincoln park, gold coast, possibly logan square/wicker park.

If anyone has any experience with Chicago and Airbnb please let me know.