Chicago, IL · Member since 2017 · 78 posts · 10 votes
I'm currently calculating how much I can expect to make, given a potential rental property in a 2-4 flat multi-family property in Chicago. Does anyone have it documented on what they pay on average for electricity, water, heating, garbage, property tax, etc. every month on average? Thank you!
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
9y
@Byron W.The little things in these deals can make a big difference in your returns. For instance, my four unit has all electric base board heat, which costs me nothing in the winter. Some properties have boiler systems that the land lord has to pay. Some municipalities have different ways you have to pay for trash, etc, etc. The devil is in the details as they say.
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
9y
I only pay about $17-20 per month for electric in the common area of my four unit. I pay $220-240 bimonthly for water. $35 per month for trash ( I have to hire trash separately in this suburb). I have no gas to the building, so I can't help you there. Property taxes can be found online at the county assessors website for most properties in your target area. Where are you looking specifically?
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
9y
@Byron W.The little things in these deals can make a big difference in your returns. For instance, my four unit has all electric base board heat, which costs me nothing in the winter. Some properties have boiler systems that the land lord has to pay. Some municipalities have different ways you have to pay for trash, etc, etc. The devil is in the details as they say.
Chicago, IL · Member since 2017 · 78 posts · 10 votes
9y
Thanks for the info! I'm looking to buy my first 2-4 unit place soon and trying to figure out what hidden expenses I may be missing when putting together the calculations for what my monthly cash flow will be after I've paid the bills.
Unfortunately, I'm not sure what to look for in terms of gas vs electric appliances and what the pros and cons of those are yet. I still need to research that. I'm looking at some Southside neighborhoods and Northside neighborhoods (Bronzeville, Avondale, Hyde Park and surrounding areas) Thanks!