Thursday, September 04, 2008
Chicago Two Flat Offers Options in Ravenswood Manor, Albany Park
I listed this two-flat in the Ravenswood Manor, Albany Park area this week for $499,900K. It's steps from the CTA Brown Line train at Francisco. It's located at 4735 N Whipple (between Lelnad and Lawrence).
Choosing to purchase a two flat provides many options for the owner. First, you can live in the top floor three bedroom unit and rent the bottom floor. Your monthly payment will be similar to that of owning a two bedroom, two bath condo with parking in the area. In this case though, you will get a back yard, basement and 2.5 garage.
When you want to expand, you can convert the building slowly to a single family dwelling. This can be done by removing the kitchen on either the top or bottom floor and coverting that space into a master bath. The adjacent dining room would be converted to a master suite.
Or, you may decide to move again and rent out both units. Maybe you'd like to live in the building and have an in-law move in... to help with the kids?
A two-flat offers many options and is more affordable than you think.