URB Chicago sells foreclosed multi family homes, 2-flat, 3-flat, and 4-flat brick apartment buildings in Chicago, IL’s southside neighborhoods and Chicago, IL’s westside neighborhoods. Popular multi-unit apartment buildings can be found throughout Chicago including neighborhoods such as North Lawndale, Englewood, Roseland, and Bronzeville.
Today’s buyer question is about buying foreclosed multi family homes in Chicago.
Buyer question:
I have been rehabbing distressed Chicago single family homes in Chicago for ten years. Recently, a friend told me that I can buy a 2-flat or 3-flat foreclosed multi-family home in Chicago for a similar price as a single-family home.
My question is, are foreclosed multi-family homes in Chicago affordable?
Answer:
Thank you for your question. We understand why this is confusing and hope we can help. Yes, your friend is correct. You can buy foreclosed multi-family homes in Chicago at comparable prices to a single-family Chicago home for sale. However, when rehabbing homes for profit in Chicago, including multi-unit properties there are a few considerations when it comes to your question.
A foreclosed property was property acquired by URB Chicago when a property went into default by a bank or lender. URB Chicago also buys houses in pre-foreclosure. Many of these multi-unit Chicago properties are distressed or vacant and need considerable reno before they are liveable and up to code. While this allows you to buy a multi-unit property such as a 2-flat or 3-flat red brick building for sale cheap, the rehab may be more costly.
One thing to consider is that not all units in your apartment building will be in the same distressed condition. While one unit may need to be gutted, another unit may be move-in ready. It is important to inspect your entire foreclosed multi-unit property for sale in Chicago so you understand the reno needs before buying a property.
The best foreclosed multi-unit homes in Chicago are those with good bones. That means, the foundation is strong, the basement doesn’t have significant water damage, and the layout fits with your rehab ideas.
Are you looking to buy a foreclosed multi-unit home in Chicago? URB Chicago has 2-flat, 3-flat, and 4-flat foreclosed multi-unit apartment buildings for sale in Chicago. Contact URB Chicago to find a multi-unit fixer upper for your rehab business or to buy a multi-unit apartment building to invest in Chicago rental real estate.
