Looking for 1-4 unit long-term rental property under $400,000

Naperville, Illinois
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Looking for 1-4 unit long-term rental property under $400,000

Nolan Grieves
Member since 2025 · 2 posts · 2 votes

Investor seeking 1–4 unit long-term rental under $400,000 in the greater Chicago area (prefer western suburbs). Must be a full property purchase, not a partial share or single unit in a larger building.

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Timothy Hero
Lender · United States · Member since 2020 · 1k+ posts · 499 votes
9mo

I've brokered over 400 DSCR loans since 2021. Request a quote. I can have terms over within 2 hours: timothyhero.com

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  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    9mo

    Great @Nolan Grieves.  Are you buying owner occupied?  When you say Western burbs are you thinking closer to Naperville or Oak Park/Berwyn/Brookfield western burbs?  Are you open to something with add value play?

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    • Nolan Grieves
      OP
      Member since 2025 · 2 posts · 2 votes
      9mo
      Quote from @Mark Ainley:

      Great @Nolan Grieves.  Are you buying owner occupied?  When you say Western burbs are you thinking closer to Naperville or Oak Park/Berwyn/Brookfield western burbs?  Are you open to something with add value play?


      Thanks for reaching out, Mark. Ideally closer to Naperville-area and suburbs north of there, though I'm open to strong opportunities closer to the city. 

      This would be a non-owner-occupied purchase. I’m not planning to house-hack. I’m open to some value-add opportunities, but I’m looking for something that is close to rent-ready or requires modest improvements prior to leasing.

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    9mo
    I’d recommend checking out berwyn, Cicero, or equivalent area. You will likely need to do some work to those buildings. For instance, Berwyn requires an inspection and makes you bring things to code after each property sale.
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  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    9mo

    I've brokered over 400 DSCR loans since 2021. Request a quote. I can have terms over within 2 hours: timothyhero.com

    1Reply
  • Eudith VacioPro Member
    Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
    9mo

    Hey @Nolan Grieves, if you're looking in Chicago, then south side is great for cash flow. Suburbs such as Cicero is great like @Aaron Zimmerman mentioned as well that offer more options + add value opportunities but honestly anything under $400k for a 3-4 unit will require work unless its a 2-flat then you can probably find something turnkey. 

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