Running the numbers ( Chicago)

[Matthew C Cid]

I am looking to buy my first rental property as a house hack somewhere in Northside of Chicago, early next year. I currently own a condo that's paid off. My question is how would I find accurate numbers for heat and water when I'm running my numbers. Also what do you guys think is the best source for rental comps.

[Tom Shallcross]

@Matthew C Cid - listing info should have the info and you can verify with actuals. If offmarket you can compare with similar listings. Water in Chicago can vary as some properties are metered for usage and others are not.

For property comps, you can look at what has recently sold, same for rentals. Check what’s being rented and what’s  still sitting out there on Zillow and apartments.com. Keep a monthly tracker so you can see what units move and which ones sit, and start to conclude on why that’s the case.

If you’re going to focus on the NW side and not make a move til spring, spend time everyday becoming intimate with the rental market. You should be able to establish a baseline so you then know what a good deal and bad deal both look like. Do this work upfront to avoid analysis paralysis. Get to a point where you can answer “what does a vintage 2/1 rent for in Avondale?” “What does it increase to with updated kitchen/bath?” “What if it has in-unit laundry?”

We also have a calculator specific to househacking, fee free to DM me and more than happy to share the link.