In Cook County, Illinois (Cook County, IL metro), 1–4 unit investment properties carry an average effective property tax rate of 2.15% and landlord hazard insurance averaging $640 per $100K of coverage. At a median 1–4 unit acquisition price of $355,000 and Form 1007 market rent of $2,950/mo, a 75% LTV DSCR loan models at 1.16x DSCR ($2,552/mo total PITIA).
Statutory county assessor periodic revaluation; underwriters use post-acquisition projected tax bill (typically 85%–100% of purchase price × county millage rate).
Chicago Triennial Assessment + Winter Freeze Check
Standard county deed recording & nominal transfer fee ($50–$350 flat or ≤0.20% of consideration).
Underwrite post-acquisition tax bill using county millage calculator to prevent Year-2 escrow shortage.
Need help?