Signed on the dotted line for a Brick 2 Flat w/ a 2/3rd finished basement in North Chicago @ $375-400k (FHA).
Property has been family owned and looks well taken care of.
- 2nd Story: 2/1 - Nicest finishes, only missing upper cabinets/shelves, range hood, less outlets than I’d prefer, large pantry and enclosed livable back porch.
- 1st Story: 2/1 - Mid grade finish, missing upper cabinets/shelves,, range hood, same electrical / layout.
Garden: 1/1 - Mid grade finish, ceiling hight is good (lower in some areas, assume for boxed out utilities), floor carpet / tile but noticeably not level. Plumbing from previous kitchen behind wall (currently no kitchen or cabinets), 1/2 of basement is utilities, laundry, storage & back exit (could extend hallway & turn storage area into 2nd bedroom while enclosing laundry and utilities).
- Garage/Backyard: Yard is standard Chicago size with above ground pool that takes up most space (girlfriend wants to keep, I want to get rid of haha). Garage is in 2.5, very good condition.
-Water/Gas: 1 meter. Plumbing and Furnace: are updated from initial walk through.
- Electrical: 2 panels / 2 meters - Setup: 2nd, Garden, & Garage / 1st Floor. I assume I’ll want 3 meters and another panel.

Working on figuring out best plan of actions for Post-closing. Inspection is next week and that should add insight.
Have 7-12k reserve budget for repairs/updates at the moment. What are some initial thoughts from the bigger-pockets crowd?
I am aware of current Chicago proposal to more easily legalize garden units and this space looks like it would pass all code requirements or only need minor adjustments.

- Order of repairs / updates (Musts vs Wants)? Deep clean & quick rent out or something else? Electrical, Kitchen hoods/cabinets/or shelves, Level Basement floor, Down road potentially add extra bedrooms, (Seen similar buildings finished 3/1,3/1,2/1)?
- How to setup financial/banking system for 3 tenants? Account per door or per building? Morgage account, deposits, monthly rents?
- Has washer and dryer: should I keep & only owner use vs building use (free) vs sell and buy coin laundry.

Attached are some pics of kitchens and electrical.
Thanks,
Chris