Price range for multi unit in Chicago

[Natasha Richardson]

What’s a reasonable price range for a multi unit (3-4) in Chicago area? Is 250k to low for a good neighborhood? What was your price range starting out?

[Eric M.]

Originally posted by @Natasha Richardson:

@Andrew Harrell thanks for the response. I am working with a realtor but still building trust and wanted to ask this group just to get a feel so I’m not being taken advantage of being new to this.

 If you are worried about being taken advantage of by YOUR realtor, you are in trouble. You don't know enough about real estate to be doing this. You need to know your market and understand cap rates, etc. If you know what units in an area rent for you can calculate rough pricing for a multi unit. So you shouldn't be dependent on a realtor telling you what's a good deal. You need to know your numbers and you then will know what you consider a good deal.

And no, 250k for 3 or 4 housing units in a good neighborhood of Chicago is not possible unless it's a gut rehab. 250k is the price for a basic 2 bedroom condo in a decent neighborhood. Again, in my opinion, if you don't know that, you shouldn't be playing this game.