Chicago Real Estate Market - Newby

[Claudia Dallosso]

Hi Everyone,

My situation is the following: 

• I'm Boston-based & don't know Chi very well.
• I'm looking for a studio or a 1 bdr apt and I am exploring both short-term and long-term rental options. 
• I'm looking in Lincoln Park/LakeView, Bucktown/Wicker Park/Logan Square, Little Italy, Gold Coast/Old Town (open to suggestions of other neighborhoods to consider) 

I'm trying to understand what properties are "a good buy" and what are overpriced but I am struggling to identify appropriate benchmarks: I keep reading about the 2% rule as method to identify "good deals" but I can't seem to find properties that meet this requirement (and I kind of suspect that this is not realistic in Chi).... and I am not even sure what rule of thumb to use to evaluate properties for AirBnB.

Anyone willing to share wisdom or - for people owning a similar property - willing to share approximate numbers?

Thank you!

Claudia