Northwest Chicago Neighboorhoods

[Luke O'Connor]

Hello BP!

I am hoping to find some insight on the Logan/Avondale/Irving Park neighborhoods of Chicago. While I know that these neighborhoods are highly competitive and good deals are not east to come by, I'd like to know if my goal is obtainable.

My goal  is to purchase and House Hack a 2 or 3 unit property in the price range of $350,000-$450,000 next spring. While living in a unit I would like to pay $800/month or less after all expenses and savings are accounted for. Also, I plan to have around 45-50k for a 5-10% mortgage, while leaving some money for an emergency fund. I am not afraid of a home that needs work, but I would like to limit the majority of it to cosmetic repair. 

I know there are Chicago neighborhoods that will provide a higher return on my investment; however, this is the area I prefer to live in. 

Any insight or advice would be greatly appreciated. 

Thanks!

Luke

[Lumi Ispas]

@Luke O'Connor , The pricing is almost there, it might work for a two flat, however, a three flat might be a bit more. Also, you can buy with 3.5% down, FHA loan which will get you approved for more and extend your leverage.

Two units rarely work for house hacking as you have only one rent, so I will advise you to look for a minimum of three legal units! If there is an additional basement unit or attic unit that is not legal, as an owner you can use it and live there, you just can't legally rent it. 

Let me know if you want to talk further about those neighborhoods. I used to live in Avondale for years and own a building there!