Buying a vintage Chicago two-flat: a buyer's guide
The brick two-flat is one of Chicago's best buys: live in one unit, rent the other, and steward a piece of the city's housing stock. Here's what to know.
What to scrutinize
- Masonry & tuckpointing — the single biggest old-Chicago expense; look for spalling brick and failed mortar joints.
- Porch system — wood rear porches have a maintenance and code life of their own.
- Electrical service — two units often means an undersized or aged service.
- Permit history — Chicago's permit database is public; a quiet 40-year stretch tells you a lot.
Value both the home and the income
A two-flat is part residence, part small business. The rental unit changes the math — both your carrying cost and your leverage. Understanding realistic rent for the second unit is as important as the purchase price.
How we help
For Chicago addresses we pull the city's permit record directly, estimate rent for each unit, and — with your inspection — price every defect so you can value a two-flat as the asset it is. It's the tool I wish I'd had buying my own 1889 two-flat.