Buying a smaller multi-family dwelling can be a great investment for a wide-range of today’s home buyers, both in the short-term and long-term. For many investors, purchasing a 2-4 flat in Chicago is a savvy way to lower your mortgage payment or possibly even live for free if you’re able to find the right deal and/or put down enough money upfront.
According to a recent study by the DePaul Institute For Housing Studies, however, 2-4 flats in Chicago are on the decline with many being converted into larger single-family homes or sometimes even completely demolished for a larger-scale development.
Despite this shifting trend, though, 2-4 flats remain one of Chicago’s ideal entry points for first-time investors, especially if you know where to start your search.
Lincoln Square is a quiet north side neighborhood with incredible upside. Easy access to the CTA Brown Line and an abundance of 2-4 flats with asking prices well-below what you ordinarily see in nearby locations such as Lakeview or Lincoln Park make it perfect for beginners, or possibly even a buyer looking for the right owner-occupant opportunity.
- Close to public transit
Chicago’s Humboldt Park neighborhood has been on most “up-and-coming” lists for several years now, making it the ideal place for your next real estate investment. With so many buyers priced out of other nearby neighborhoods like Bucktown, Wicker Park, and even Logan Square nowadays, Humboldt Park offers a very close proximity to these and other trendy parts of Chicago but without the sticker shock.
- Close to other trendy neighborhoods
- Rent prices on the rise
Portage Park is a supremely desirable neighborhood up on Chicago’s far north west side. The park in which the neighborhood is named for provides nearby residents with an awesome outdoor green space and the collection of 2-4 flats in the area is still among the city’s largest. In addition, Portage Park also provides fairly easy access to the Blue Line and Metra, something any apartment building owner should covet.
- Close to the Metra & Blue Line
- Lots of 2-4 flat opportunities
Rogers Park makes the list thanks to its ideal location near Loyola University, the lakefront, and the CTA Red Line—Chicago’s busiest “L” line. In addition, Rogers Park is also among the city’s most affordable neighborhoods for renters, home buyers, and investors alike.
- Close to Loyola
- Lakefront location