2338 W 18th Pl Chicago, IL 60608
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About this home
Incredible opportunity to own a true gem in the heart of Pilsen! This recently renovated multi-family property blends classic charm with modern updates, offering over 3,500 sq. ft. of living space, featuring 7 bedrooms and 3 bathrooms-perfect for both investors and owner-occupants looking for income potential. Each unit showcases tastefully updated kitchens and baths, granite countertops, stainless steel appliances, and spacious layouts that combine comfort and function. Second Floor Unit: Ideal for an owner-occupant, with 2 bedrooms, a large living room, formal dining room, and a modern kitchen. First Floor Split into Two Units: Front Unit: 2 bedrooms, 1 full bath, living room, and kitchen. Rear Unit: 3 bedrooms, 1 full bath, living room, and kitchen. With over $200K in extensive renovations and system upgrades between 2022 and 2025 designed for long-term performance, lower operating costs, and future flexibility, this property features a re-engineered basement with beam reinforcement, deepened foundation (~8 ft), drain tile, dual sump pumps, ejector system, and full exterior waterproofing-intentionally designed to support a potential 2-bedroom, 1-bath accessory dwelling unit (ADU). Not leaving anything to chance, the property also boasts from significant electrical improvements, rewiring, and grounding updates across units, plus new bathroom exhausts and electric tankless water heaters for each unit. These steps supported the installation of a (FULLY OWNED) metered solar array -engineered for maximum roof coverage and producing more than needed power, for Unit 2's typical energy use- offering the potential to extend renewable energy benefits to the future ADU (currently metered to Unit 2 only), full renovation of Unit 1R, and in Unit 2 a rebuilt second bedroom with new insulation, drywall, and electrical, closet reconfiguration in Bedroom #1, and a vented kitchen hood upgrade. Together, these improvements deliver structural peace of mind, modern efficiencies, and a unique opportunity for expanded living or rental income in one of Chicago's most desirable neighborhoods. Don't miss the chance to own a piece of history while enjoying modern comfort in vibrant Pilsen. Location highlights: Western Metra stop just a 3-minute walk. Western Pink Line station only 5 minutes away. Steps to neighborhood favorites, plus easy access to Costco, Pete's Fresh Market, and more.
Source: MRED #12479477
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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