Multi Family in Lakeview/Chicago

[Linda Felter]

Newbie Alert - 

I've been scouring the MLS ever since I bought my condo two years ago, just keeping an eye on property values in my neighborhood etc. I recently came across a 3 Flat in my neighborhood (Lakeview) that's listed for just over $1m that claims income of $80k/year.

I wanted to get some input, is this a crazy claim? 

There were a few other listings in the neighborhood that listed their incomes. Clearly that all depends on what the building expenses are, how much the downpayment is for, etc. 

If I'm looking to make a move with standard financing for a buy and hold, are these types of properties smart?