2 flat / 3 flat in Chicago

[Rick Shurtz]

I'm looking at a 2 unit deal in Chicago (2 flat). It also has a basement that I'm told could be made into a 3rd unit. Does anyone in Chicago know the legalities around this? Is it possible to turn this 2 unit into a 3 unit? 

Thanks!

[Mike B.]

There's a lot of variables...zoning, ceiling height, etc... It's common to have an illegal basement unit in Chicago but it's obviously a risk. You can typically gain more value by duplexing the 1st unit down with the basement commanding more rent. That's the safer way in my opinion.