Student housing / room rentals in Chicago?

[Charlie Van Norman]

I'm thinking of buying a 4-5 BR property near Bridgeport or Evanston in the 300k range, and would consider other areas too if they're close to Universities. My plan is to turn the house into student housing and rent on a per-room basis. I would live in the property at first.

Does anyone have experience house hacking like this? I have run a house before as well as an apartment complex, so I'm aware of the overhead / maintenance stuff -- looking for more specific experience with students or with house hacking in Chicago.

ROI looks to be the highest with this setup, since rooms are renting from 300-600 each in these areas for students. As an investor of course I'm looking for my highest ROI, and i'm still early in my analysis.

Thanks in advance!