First purchase with house hacking / investment in mind - Chicago

[Todd Michaels]

Hello,

My fiancee and I am about 6 weeks from closing on a 2 flat in Chicago (60618 zip code, west of the river, good neighborhood) - One unit is 3 bed / 2 bath and the other is a 2 bed 1 bath.  The larger unit is recently renovated but will require some work to be contracted out (largest thing being dormer out the attic bathroom to make it a true 2nd bath, all the plumbing / tub / toilet is already in place but the ceiling is so low due to the angle of the roof that is it silly) and some HVAC work needs to be done (adding central air and replace one of the furnaces) - we are guesstimating $50k up front for all the contracted work which we plan to finance.

We are doing 20% conventional 30 year mortgage, purchase price $315,000, monthly payments will be $1750 a month.  We will live in the smaller unit which needs some TLC that we will do ourselves over the next couple of years.  So that will burn up some money but we will fix it as we go - it is livable now but really dated.  Comps for the larger unit run right between $1700 - $1800 a month, smaller unit should be ~$1050 a month after we fix it up and move into the larger unit.

Does it seem like a solid investment, noting that we plan to live there for the next 10 years or so?  I also have a rental property in downstate IL and she owns a rental condo in Chicago, but we both kinda fell into those being rentals and they were not bought with investment / income in mind.

Thanks!