Q & A about 2 unit buildings for sale.
When we write our blog posts, one thing we try to do is answer questions directly from our distressed homebuyers and distressed home sellers. After all, if one person has a question that likely means several people do. As Chicago’s most trusted fast cash buyer of Chicago, IL real estate for sale, and the most trusted distressed house seller in Cook County, IL we understand the importance of transparency. That’s why your questions are important, and why we want to answer them here.
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Buyer question: Can I renovate 2 unit buildings for sale in Chicago with the same budget as a single-family home?
Answer:
Wow, that is a good question! Though, like much of real estate, it comes with that answer we all hate to hear, “That depends.”
When looking for a fix and flip property like 2-unit buildings for sale in Chicago, two things to consider which will affect price are that both units are likely in different conditions and each unit of a multi-family property is often smaller than a single-family home.
Whether you are buying 2-unit buildings for sale in Chicago as a passive rental income, or you are a rehabber flipping houses for profit, the end goal is the same. Spend less, make more. Yes, you can rehab 2-unit buildings for sale in Chicago with the same budget as a single-family home. In fact, if you do, you are likely to make a much better profit.
However, here are a few considerations before buying a multi-family property for sale in Chicago.
Condition of each unit
While most Chicago 2-unit properties for sale have similarities in each unit’s condition, you might be surprised to find how often one unit is in move-in ready condition and the other unit is trashed. Aside from wear and cosmetic fixes, much of a distressed 2-unit’s condition depends on who the previous tenants were. Many rehabbers choose to keep the same floor layout with 2-unit properties and rehab the necessities. A good rule of thumb is to budget each unit at the cost of the worst unit, and don’t forget the overall Chicago building rehab needs.
2-unit buildings for sale in Chicago are often smaller than a single-family home
This is important, but maybe not for the reasons you think. While a 2-unit building’s units may be smaller than a single-family home, the equivalent rental prices for a rehabbed multi-unit property are often comparable to a single-family home for sale in Chicago’s southside and westside neighborhoods. The difference is that with 2-unit properties you have nearly double the money.
Check out the foundation of the unit
After the Great Chicago Fire most newly built homes in Chicago started construction with stone rather than wood to prevent the same occurrence.
This change is the reason why so many older homes for sale in Chicago have lasted so long. Chicago architecture and the popular 2-unit buildings for sale in Chicago were built to last. But, let’s face it, a distressed home is called that for a reason. A good foundation pays off, so when you are looking to save on your budget, put the extra effort into checking out the foundation.
URB Chicago specializes in selling 2-unit properties for sale in Chicago as well as single-family homes, mixed-use, commercial properties, vacant land, and apartment buildings for sale. Contact URB Chicago today to buy distressed 2-unit buildings today and don’t forget to inquire about our owner financed property that allows you to buy houses and properties for sale in Chicago with low money down and affordable monthly payments.