Chicago Single Family with In-law suite - Multi Family

[Mike Tsoflias]

Good Evening, 

I am exploring multi-family 1-3 units. I have been looking around West Town, Logan, Avondale, Roscoe, Lakeview, Wicker, Bucktown.

I've come across several that are taxed as single family home with an in-law suite; rather than a true multi-unit. It seems this can be advantageous, with lower taxes. There are single utilities, which have pro's and con's. Any other major things to think about? 

I am looking to owner occupy for 1-2years, then rent out both units.  

Thank You!

Mike

[Sue Hough]

@Mike Tsoflias something to consider is the appraisals which @Jonathan Klemm mentioned.  On the plus side, your insurance should be less expensive as a single family unit.  

Chicagoans have always been “understanding” of creative building classifications and usually will not let it get in the way doing business. Good luck to you!