If so, then you would want to purchase a homeowner's policy.  

I live in San Diego and am trying to purchase my first investment property I have about 150K to put down but am struggling to find deals that meet my price point. 

Purchase price: $839,000 Cash invested: $83,900Bought an up/down duplex 4 blocks south of Sloan Lake.

Purchase price: $125,000 Cash invested: $75,000 Sale price: $248,000 Decent fix and flip completed in 2024.

When running your numbers, if purchasing a home that isn't new construction and less than $1MM, I would estimate 1% - 1.2% of the purchase price as your annual insurance premium. 

Of course, every owner's situation is unique and factors like the legal entity involved, purchase date, adequate passive income that can be offset with the cost segregation study, etc., will need to be considered.

Purchase price: $341,000 Cash invested: $136,000 Sale price: $519,000 A house that I bought, renovated, and sold.

I sunk a large amount of capitol into these when I purchased them just to make sure they were nice. 

Congrats on your lot purchase in an awesome Chicago neighborhood like Humboldt Park.

(August 2022)Single-family residence buy & hold investment.Current Value Estimate: $410,000 Purchase price: $345,000 Cash invested: $5,000