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Updated over 1 year ago,

User Stats

29
Posts
14
Votes
Benjamin J Paoletti
  • Investor
  • Chicago, IL
14
Votes |
29
Posts

Age of Multi-family buildings in Chicago

Benjamin J Paoletti
  • Investor
  • Chicago, IL
Posted

Many of the multifamily properties listed in Chicago (in the $400k-$600k price range) are built between 1890-1920.

I noticed many of these foundations have settled, cracks in plaster, dips in the flooring, etc. 

If these homes are 100+ years should I be concerned with these issues and the foundation? I know some investors are considering them just tear downs at this point.

Should I increase my budget to $750k+ and try to find newer built homes or is it worth it to invest in these 100+ year old homes?

Bit of a generic question, but wanted to throw this out there for anyone seeing the same thing or who would have some insight. 

Thank you!

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