2-4 Unit Utility Costs in Chicago

[Jon Goodwin]

Hello BP Community!

I'm a new REI that's looking to purchase a 2-4 unit property on the north side of Chicago within the next year. I'm specifically looking at areas such as Humboldt park, Austin, Jefferson Park, Elmwood Park, and Albany Park.

I’ve been building an educational foundation before taking that next step though and I had specific questions when it comes to analyzing deals. What is the best way to estimate utility costs for a multi unit in these areas? Are there resources that show the average cost of utilities in these areas? Any help is appreciated!

[Brie Schmidt]

@Jon Goodwin - water is about $500 per year per unit. Gas/electric depends on how it is metered and what heat source there is. You agent can see on the MLS if they listed the costs, otherwise they can ask the agent. Every property is different