Property Styles all Wholsalers and Real Estate Investors in Chicago Should Know

When wholesaling real estate or investing in Chicago properties, knowing the style is important when looking at comparables. Many wholesalers who start out do not know much beyond your typical bungalow and think any 3 bedroom house can be compared to another. A four bed bungalow is certainly going to go for more than a 4 bedroom Georgian once it’s repaired, why? The bungalow will usually have more square footage and a bigger basement. Knowing these styles and how they look can help you determine a better ARV as well as determine if it’s a “deal”. The hottest selling neighborhoods in Chicago are going to be selling a brick property. The most typical styles for the brick homes are Bungalow, Ranch/Raised Ranch, Georgian, and Cape Cod.

Bungalow – Chicago bungalows are typically constructed from brick and have one and a half or two stories, with a full basement. They typically will have enclosed veranda or porch. This gives the Chicago bungalow its classic multi-sided window look. These homes are ideal for flipping and wholesaling as they have large basements, kitchens, and their attics can more often than not be turned into bedrooms.

Raised Ranch – In Chicago, the description “raised ranch” applies to a variety of homes. Most will be a 1 level or one and a half level home with no attic. Raised ranches typically have low pointed roofs. Unlike the bungalows, ranches won’t have protruding windows for the enclosed porch/veranda. Many ranches are raised, hence the term, because the front has a few steps leading up to front door.

Georgian Style - Georgians are easy to find due to their box shape, 2 stories, and flat roof tops. They have decorative shutters around the outer windows and will have three to four windows on the front side. Georgians may have the same bedroom count as bungalows and ranches, but they will have tighter kitchens and small basements by square footage. Keep that in mind when comparing a Georgian to these other styles.

Cape Cod – Chicago cap cods are no different from the typical Cape Cod styles that can be found in the north east. What makes a cape cod distinct from other properties is the roof. The roof is triangular and the gable, the point where the two angular sides meet, runs parallel to the street. Chicago Cap Cods should be brick and fit three bedrooms comfortably. Investors can compare Cape Cods with Ranches due to itsinterior similarities.

If you get a hold of any of these styles of properties, please make sure they are at least 3 bedrooms! Two bedroom bungalows do exist but are not worth it at this time. Bungalows are definitely the most desirable and most abundant in Chicago. Raised Ranches are a close second and are a just as desirable as bungalows, but make sure the bedroom count is a minimum of 3. Georgians and Cape Cods come in third and fourth on the list, respectably.

We hope this helps you as you wholesale or look for investment property in Chicago. For more information please find us at www.ChicagoCashFlowProperties.com