Pulled trigger - Under Contract on 2 Flat w/ Finished Basement

[Christopher Forero]

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

[Henry Lazerow]

Congrats! Double check your numbers though as the building is on a boiler. The boiler units landlord pays a high water bill and often also the gas bill, they typically also rent for lower prices then hvac heated units especially when it's those big radiators as in photo. For collecting rent/applications use COZY it's free and an awesome service. I use it for both collecting rent as well as sending out credit/background checks to tenants.