buying a Chicago two-flat (Evanston, Addison: short sale, apartment, renters) - Illinois (IL) - City-Data Forum

YAYforPOPCORN · 07-13-2009, 01:08 PM

me and my husband have decided to buy a two-flat, live in one unit and rent out the other, but are unsure what the best areas are that we should consider in our property search. Our realtor has suggested Albany Park or Irving Park. What other areas should we look at? We are a young family with an almost 2 year old son. Since we will be living there, i would like to be in a safe area (safe for the city, not gang infested) and schools are not super important since he will be going to private schools. Thanks in advanced!

chet everett · 07-13-2009, 01:26 PM

Albany Park is more affordable, harder to predict what sort of return there might be. Irving is more expensive, less likely to "go the wrong way".

Both are pretty middle of the road, you could do a lot worse...

Lookout Kid · 07-13-2009, 01:31 PM

Albany Park and Irving Park have a lot of similarities. And while Albany Park has a smidge more crime, it also has some really nice areas like Ravenswood Manor and parts of Mayfair. Both have a lot of two-flats, and I think anything walkable to the "L" would be a good investment.

surlycue · 07-13-2009, 01:59 PM

I agree with Chet. You could do much worse for sure. I know a few moms with children the age of yours that live in Logan Square (more expensive), Humboldt Park and Avondale (Both more crime). I know a couple that live in Portage Park too which may be cheaper than Irving since it is located less conveniently to the blue line. It may also get less draw from renters because of that too though.

I would just talk extensively to people that live on each block you are considering to get an idea of what to expect noise and crime wise and map out the closest public transportation near-by for your potential renters.

Thepreacherswife · 07-13-2009, 09:47 PM

Go to Albany Park. Then bring your 2 yo around to play with our 2 yo. Everybody wins! You increase the stability of the neighborhood and improve the owner/renter ratio. And our son gets a nearby playmate.

cd771 · 07-14-2009, 11:13 AM

I'd stay open to other areas because there are some deals out there. We own a two flat in Bucktown and lived in the top unit. The bottom unit made up for most of our mortgage payment. We moved to IN but held onto our 2 flat. We have had to decrease rents however due to the influx of condos for rent and the difficulty in finding good renters. I know it will go back up but we need to get thru the downturn. I would definitely take into consideration the rental market in the area and prices. In some further out areas you may have a harder time finding renters. I think alot of people are holding off putting it on the market like we are but there are always those who have to sell. A friend of ours brought a two flat on a short sale in the area just south of Irving Park on the blue line. I can't think of the name of the neighborhood right now but they got a great deal. Good luck.

Lookout Kid · 07-14-2009, 11:23 AM

Quote:

Originally Posted by cd771

A friend of ours brought a two flat on a short sale in the area just south of Irving Park on the blue line. I can't think of the name of the neighborhood right now but they got a great deal. Good luck.

That would be Irving Park, most likely.

cd771 · 07-14-2009, 11:28 AM

I just looked it up. It's called Avondale.

Avengerfire · 07-14-2009, 11:31 AM

Avondale starts a half mile south of Irving Park Road at Addison.

icarus.phoenix · 08-02-2011, 04:03 PM

I am also looking for a two-flat in a rather safe neighborhood in Chicago. When I was a kid, my parents lived in a two-flat in the Historic Crown Park neighborhood of Evanston. It was a nice neighborhood and house, but the prices in Evanston have skyrocketed. My cousin lived in Portage Park for a short while, and she loved it! I'm thinking Portage Park myself, but the best apartment I've found is not a two-flat.