Evaluating & Comparing 3–4 Unit Deals as an Owner-Occupant
Hey guys, I think I’m getting the hang of this thing — 2nd post!
I’m looking at different multi-unit properties in the Northwest side of Chicago and trying to figure out the best way to evaluate and compare them. Ideally, I’d like to purchase a 3- or 4-flat and live in one of the units, so I imagine my analysis is a little different than someone buying strictly as an investment.
I've been looking at things like cap rate, cash flow, and DSCR, but I'm curious what experienced investors consider their key "checks" when deciding whether a property is actually a good opportunity.
Are there specific numbers, ratios, expenses, or red flags you guys look for when comparing potential deals?
Would love to hear how you approach it, especially for owner-occupied 3- and 4-flats in Chicago. Appreciate any insight!
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- Accountant
- Chicago, IL
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I look to see if it saves me money while living there and breaks even/cash flows upon move out
- Aaron Zimmerman
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