Rehabbing 1900s 2 or 3 Flat in Chicago

[Andrew Fink]

Hello, I’m a new investor in the Chicago area and recently closed on my first househack. 

For my next deal, I’m interested in a 2 or 3 flat with value add opportunities. While researching properties in the Chicago area, I noticed that majority of these properties were either built in the early 1900s or they have already been fully rehabbed in the last 20 years. 

The advice I’ve heard on the recent BiggerPockets podcasts is to find properties built in the 1960s or later because they will be easier rehabs. Can anyone share experiences of  rehabbing these early 1900s 2 or 3 flat walk ups? Do they require a full gut rehab or is it possible to find properties that only need updated kitchen, paint, flooring and not foundation, electrical, and larger projects?

Thanks in advance!