I found this 2-unit property for 400k in a good neighbor in Chicago.

.- It's against FHA rules to use a 203K loan for an investment property, unless it's a 2-4 unit multi family and you will live on site.- 203(k) Loans are for Owner-Occupants- You can't use a 203(k) loan, legally, if you're planning to rehab/rent(not live in) the property.- The Cash Out Refi Seasoning Period is 12 Months.

If the floors are damaged, it is likely that you could not charge them since 8 years is a long time to live in a unit. 

Context: I purchased a 2 family unit several years ago.

The exterior frontage of the townhouses look not great as in many units might not be good on the upkeep which could be an owner/tenant issue or an HOA issue.

I've heard anything over 4 units is commercial but you can still get residential loans on 8 unit or less properties. 

I bought a 2-unit property and now in the process of screening tenants.

I have a multifamily home with 3 units.

2024 Q1 Wrap-UpCoStar Summary: Southwest/Bystrom is a very small submarket within the larger Modesto market, with just 616 units of inventory.

You mentioned using an FHA loan, but that poses some real challenges in the city for a three-unit building because it's very difficult to find properties that can pass the FHA self-sufficiency test.