Relocating to Chicago this Feb/March 2022 and plan on finding a multi-family 2-4 unit property to house hack with my wife. Starting my preliminary search of the city, neighborhoods, zips, and surroundings areas to narrow my search and plan a visit with my local relator soon.
What areas and neighborhoods would you suggest I search in? I understand my tolerance on price and condition of the property will help determine where I look, but wanted to see if there were any neighborhoods I should make sure I don't overlook. I preferably want to house hack a property that I can force a little appreciation into with updating and TLC, but also wouldn't mind a turnkey property if the location, cashflow and cap rate makes sense.
Thanks for any suggestions in advance!
@Charles Cathey - That's awesome! Welcome to Chicago the Windy City in the near future, you'll almost miss all of the winter which is perfect.
If you are able to throw a rough price point that would definitely help. Also, are you planning on doing an FHA or conventional loan?
Regardless, if you are thinking about the Northwest side, which isn't atypical, I suggest Avondale, Portage Park, Albany Park. If you are thinking west suburbs talk to @John Warren (the king of the west), he helps tons of house hackers & out of state investors. Lots of decent cash-flowing properties in the Berwyn & Cicero area.
Thanks so much for the response! I'm roughly looking for price points around $250K - $500K...all depends on the property itself. Thanks for the recommendations! I'm going to research those! Greatly appreciate the insight.
Areas in the city I recommend exploring: Jefferson Park, Norwood Park, Portage Park, Irving Park, Belmont Cragin, Hermosa, Marshall Square, Pilsen, Bridgeport, McKinley Park, Brighton Park, NE Humboldt Park, Albany Park.
Suburbs: Berwyn, Cicero, Forest Park. If you want to stay close to Chicago, the bulk of the 2-4 inventory can be found in these areas.
Thanks Paul! This greatly helps my search process, I appreciate it.