It can be done. If you're young and fun and want to live at Cleveland and Armitage (and who doesn't?), then it's a 1970's town home for you.
It's better than you think. There are generally two or three possibilities like this at any given time in the Chicago market. Two bedrooms, a family room, one-and-half baths... maybe two bathrooms. Parking (!) and patio in Lincoln Park.
The homes have some updates. But this location will always support your improvements for a strong re-sale.
Why do I care? Because too many clients these days want a new construction or rehabbed unit in a not-so-good location. Look, don't make this mistake. Get the resale in a killer location and update when you can. You'll thank me when you walk out onto Armitage and Halsted for dinner.