You need to speak with a banker. Anything above a 4-unit building is going to fall under commercial property and will probably require a much larger downpayment than a 2-4 unit building.
Give my mortgage broker - Todd Theesfeld at National City Bank - a call at 312-384-8280 and he can help you.
Everything is price dependent. It can make great sense if the property cash flows and you can get the financing. The market will eventually turn around and those who bought and made sound investment decisions based on sound investment principles will be the best off.... more
NO. But that's not to say that it is not a good buy. I just did some research for another poster because Mt Greenwood is near there. Take a look at my post there: http://www.trulia.com/voices/Home_Buying/Should_i_buy_my_first_house_in_the_Chicago_Mt_Gree-7371--
One of the things with Oak Lawn is that it is so big that internally and surrounding areas are both increasing and decreasing. There are brand new million dollar homes going up but there are also neighborhoods with tiny lots and 2 bd/1 bth homes.
In general, Chicagoland is down to earth with lots to offer. You don't see high and low swings creating a bubble that could burst. But you do see changing neighborhoods which affect value.
I hope this helps.