These figures vetted these numbers on the Bigger Pockets calculator as well and got a similar result, but wanted to share on the forum to get additional feedback on any additional line items/nuances particular to Chicago: Property is a duplex (each 3 bed, 1 bath) in Little Village and listed for $249,900Down payment (FHA Loan @ 3.5%): $8,800Closing Costs: $7,494Monthly Income: $1,200 per unit (so $2,400/month)Monthly Expenses: $2,370 (see below for details on expenses) Assuming 30yr mortgage at 3.8%, mortgage: $1,124/monthProperty taxes (2.1% for state of IL): $440/monthPMI (FHA Loan): $104/monthInsurance: $150/monthCapEx (5% of rents): $120/monthVacancy (5% of rents): $120/monthRepairs (8% of monthly rents): $192/monthMaintenance (5% of monthly rents): $120/monthBased on these numbers my conclusion is that this wouldn't be a good deal since cashflow is barely positive.

More importantly, egress window with certain operable area requirements and a sill height of no more than 44" from finished floor.In my specific village, add to the above minimum of 150 sq ft.Finally, as others mentioned, legally having a bedroom and functionally having a bedroom can be vastly different.  

Definitely not fiction.

I live around East Village and I'd love to come to the meetup!

Investment Info:Condo buy & hold investment in Incline Village.

Investment Info:Condo buy & hold investment in Incline Village.

Investment Info:Condo buy & hold investment in Incline Village.

Investment Info:Condo buy & hold investment in Incline Village.

Investment Info:Condo buy & hold investment in Incline Village.

This is completely new as when we bought our place, we checked with the village and nobody was even considering any regulations.