So, I'm in Chicago. the first unit in the first duplex is renting out for $1200, second unit is renting out for $1300.

Since the unit is empty, I'm painting and doing some other things to update it.

The unit is renting for $3600.

Quote from @Thomas O'Donnell: There are about 50% more dog owners than cat owners and cats are more likely to destroy a unit. I

Write down specific goals you hope to achieve and ensure both  of you are on the same page, reading the same books, evaluating the numbers.

But we do that with many other investment or business opportunities to achieve the most beneficial outcome.

The question is, what are you trying to achieve here?

Can you achieve a great ROI than the ~8% interest you're paying? 

.- Monthly expenses (taxes & insurances) = $492.00/month- The house needs a minimum of $100k in upgrades, though more likely as I said above it is best as a tear-down and rebuild, likely $350k to achieve.- A real estate agent I worked with recently to sell my parent's home did a CMA suggesting his sell price would likely be $279k~.

I would think comp sales as a 4 unit is not a commercial property regardless of how they may want to market it.