Albany Park strong rental rate appreciation!

[Henry Lazerow]

Wanted to highlight my favorite neighborhood right now for both sales price appreciation and rent growth. Albany Park!

Sold a 3 unit there for $557k back in 2018 to a BiggerPockets member and the units were rented for $1400. We just got an application at $1925 first 3 days on market, previously we rented all the units for $1850 last year. Basic rehab of cosmetic kitchen/bathrooms. Still using window units for ac and nothing too fancy, granite not even quartz finishes. 

Unfortunately don't have any before photos but was old vinyl counters and white appliances. After renovations:

I see a ton of upside in this area as it gentrifies. Many trendy millennial bars are opening up. 

Recently also sold a 2 flat there to @Kristopher Toribio which has worked out as a BRRR and he got I believe it was $1850 for the 3br 1ba after renovations. Likely could of also gotten $1900+ which rental rates seem to have now surpassed.

One interesting thing I have noticed is the tenants we have gotten for these buildings are not the typical zip code median incomes. They are higher income renters with credit scores over 650 and six figure combined incomes. 

[Michael Ream]

@Henry Lazerow Also late to the party, LOL! Great deal, Henry. I've been seeing higher income and credit score tenants in Portage Park as well.