Chicago Neighborhoods? Tri Taylor?

Question

Exploring a potential 2 unit plus garden. 8 beds total in Tri Taylor area 1 block west of western.

Some pros, rents look to be about $1,400 for a garden 3 bed, $1,400 for a 2 bed and $1,600 for a 3 bed.  It’s not new, it’s 100+ years old, but the interior finishes are nice.

Taxes are low around $6K

but it’s also a row home attached to another structure. How much does this matter? No HOA as far as I can tell. Lot is slightly narrow and slightly shallow from standard city lot 25x125.

How is this area? Asking price is $550.

It would be owner occupied as fort time buyer.

Michael Facchini · Answer

@Robert Trevor, as @Jonathan Klemm mentioned, the 2unit loan limit for FHA is $471k. How much were you looking to put down? If 15%, you can look at Conventional....which could also be a bit more with the row home aspect.

Robert Trevor · Answer

Jonathan thanks, now I’m trying to estimate expenses and see if I can swing it and if so at what price.

Jonathan Klemm · Answer

@Robert Trevor - Are you working with a specific realtor?  If not you should be....I 'd connect with @Eudith Vacio.

Tri-county is a good area and that doesn't seem like a bad price for something in decent shape.   If anything the rents seem a little high to me for the area.  Also, row homes are a little less desirable in general and will have a lower resale value.

If you are using fha it wouldn't meet the loan limits for 2 flat - $471,000, but you aren't way far off.  It might work for the home possible loan program though.  I'd check with a lender like @Michael Facchini

I'd get an offer in and lock it up either way especially if it's your first deal.....just make sure you have a good team around you!