Favorite North Side Chicago Neighborhoods for 2-4 units?

Question

Hi everyone,

I am looking to move into the city of Chicago and house hack a 2 - 4 unit, what north side neighborhoods are your favorites?

Henry Lazerow · Answer

@Frank Serrano

I house hack a 4 unit in Edgewater/Rogers Park and love the area. Albany Park and Irving Park are where you can find the highest cashflow right now and still be near the hot areas. I also have a lot of clients buying in Logan Square and along Milwaukee Corridor.

You need to find a good deal though for the north side to work. Markets hot. We usually do this by finding properties with under market rents that haven't been raised for many years and then either just raising them with professional leasing or mild renovations.

When running numbers keep in mind new lower interest rates for house hacks. I have a lender that will do in house 3.75% to 4% fixed 30 year with no pmi at 5% down right now closed 2 loans with him recently. This is a huge savings over previously higher rates.

Feel free to reach out if any questions on specific north side areas.

Jake Fugman · Answer

@Frank Serrano depends on budget and strategy (cash flow or appreciation). Its tough to find anything in good condition that hits the 1% rule so you will need to look for a fixer if you want to be w/in 45 min commute downtown. Around $125-150k/unit I like Lincoln Square. Under $125K/unit West Rogers Park has some good value. Anything under $125k on the northside will be in pretty distressed condition from my experience.

Lucas Hammer · Answer

I've always been a fan of Albany Park myself, but I moved down south once it got outside my price range. A lot of the north side is just crazy expensive right now and property taxes up there are a nightmare.

Steven Lowe · Answer

^ This. Pretty much all I look for in Chicago are value add deals...distressed, mismanaged, vacant, BK, etc. A turnkey property in the North Side of Chicago...let's just say it doesn't usually pencil.

Frank Serrano · Answer

@John Clark I'm mostly interested in the North Side so I can stay a bit closer to family and friends near there, but if I can find properties in good neighborhoods around other areas I'm open to it

Erika Carter · Answer

Irving park, rogers park, albany park, avondale

Henry Lazerow · Answer

He normally does special doctor loans and just offers same set up for my north side clients with good income/credit. We didn't believe it at first either but I closed 2 with him so far this year it's legit. My local conventional lender can do 4.25% no pmi right now on 2 flats also at 5% down. Rates are down all over you just got to shop around.

Steven Lowe · Answer

I'm partial to Lakeview, Edgewater and Rogers Park.

Elliot Rudmann · Answer

@Henry Lazerow 5% down with no PMI at those rates? Sounds too good to be true. Would love to get more info about this type of loan.

Favorite North Side Chicago Neighborhoods for 2-4 units?

Favorite North Side Chicago Neighborhoods for 2-4 units?

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