If your realistic ARV is $625–650k, that’s not a huge margin for a heavy value-add in a market like Chicago where buyer demand can be price-sensitive. 

Perform a sensitivity analysis.

Before submitting offers on multifamily, you should have clarity on:• Exact cash to close (down payment + closing costs + reserves)• Payment sensitivity at different rate scenarios• How rental income is being calculated for qualification• Underwriting reserve requirements• Timeline expectations from contract to closingA solid lender in this space should be stress-testing your numbers before you write the offer — not after you’re under contract.If helpful, I’m happy to walk through what that looks like on a quick call so you feel fully dialed in before the next bid.

This is a sensitive matter, as asking the wrong question can lead to significant issues.

No parking in a parking sensitive submarket.

So part of this could just be timing.Price sensitivity might be playing a role too.

In some markets it’s a non-issue, but in others a missing garage can narrow demand and make resale slower or more price-sensitive.

Before they submit an offer, they already know which income will count, how sensitive proceeds are to trailing rents, and whether the exit still works if the refi looks worse than expected.If those questions aren’t answered early, they get answered later, when there’s no flexibility left.Would love to hear how others here stress test financing assumptions before locking up a deal Love this post.

While not a game‑changer on its own, the data was enough to nudge rates higher in an already low‑liquidity, headline‑sensitive environment.Adding to the tone, Treasury Secretary Scott Bessent testified before Congress, emphasizing continued support for a strong‑dollar policy, warning against over‑regulation of the financial system, and defending the administration’s view that the economy remains on solid footing.

Vine City / English Ave may upside long term, but STR performance there is very sensitive to regulation, guest profile, and execution.