Chicago: House Hacking Neighborhood Recommendations

Multi-Family and Apartment Investing
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Chicago: House Hacking Neighborhood Recommendations

Charles Cathey
Investor · Chicago, IL · Member since 2020 · 15 posts · 7 votes

Hi All,

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!

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    4y

    @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.

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  • Charles Cathey
    OP
    Investor · Chicago, IL · Member since 2020 · 15 posts · 7 votes
    4y

    Hi Johathan, 

    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. 

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  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    4y

    @Charles Cathey

    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.

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  • Charles Cathey
    OP
    Investor · Chicago, IL · Member since 2020 · 15 posts · 7 votes
    4y

    @Paul De Luca

    Thanks Paul! This greatly helps my search process, I appreciate it.

    1Reply
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