New Construction Duplex in Logan Square - Chicago

[Evans Debeza]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $215,000

This is a new-construction, 2-unit development in Chicago's Logan Square neighborhood. It was a vacant property purchased at $215,000. We built a new duplex with each unit having 4 beds/ 3.5 baths ranging between 18---2400sf. Construction was completed in October of 2023 after many hurdles with the city, and cost around $800,000. We are "house-hacking" this deal and live in the back unit. The front rents for $3351/month, and our mortgage is around $4200/month.

What made you interested in investing in this type of deal?

I'm an architect and my husband works for a general contractor, and it has always been our dream to invest in Chicago AND build new here. We came across this large, vacant property for sale in late 2019, and were able to purchase it in cash with the help of a private investor. We went into this deal fairly blind to real estate investing, but we knew that investing in this property would allow us to realize our dream of designing and building in Chicago much sooner than we thought possible.