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You own a three-bedroom house in Chicago, but you now live in Texas, California, or another state. Your tenant pays $3,500 a month. That sounds like $42,000 a year. But how much do you actually keep?
Imagine the house sits vacant for one month between tenants. Instead of $42,000, you collect $38,500 that year. Now subtract $11,000 in property taxes, $3,000 for insurance and other owner-paid costs, $5,000 for routine repairs, and $3,360 for management.
That leaves $16,140 before mortgage payments and income taxes. If the house also needs a $10,000 major repair, the amount left for that year drops to $6,140.
These are illustrative numbers, not an estimate for your property. Pull out your actual tax bill, rental income, insurance costs, and repair receipts. What does your house earn after expenses? And how much time does managing it from another state take?
The decision is worth revisiting as conditions change. In August 2026, the Cook County Treasurer reported that property tax bills rose for many Chicago homeowners. In September 2026, Illinois REALTORS® reported that Chicago had 23.3% fewer homes for sale in August than a year earlier. Neither figure tells us what your house would sell for. That depends on its location, condition, and comparable sales.
As a broker, I can review those sales, discuss who might buy your home, and help you understand how to position it if you decide to sell. You can compare that option with what you actually earn by keeping it as a rental. Your tax adviser can explain the tax consequences of a sale.
Own a property in Chicago or the northern suburbs, but now live in another city or state? Text me the address. I’ll take an initial look at comparable sales and discuss what else we would need to estimate a realistic selling range. There’s no obligation to list.
Natalie Novikova
Illinois Licensed Real Estate Broker
CENTURY 21 Circle
Call or text: 224-517-5507
Sources:
Cook County Treasurer, August 2026:
https://www.cookcountytreasurer.com/researcharticles.aspx?articleid=2026082401
Illinois REALTORS®, September 2026:
https://www.illinoisrealtors.org/blog/illinois-home-prices-and-home-sales-higher-in-july-inventory-sees-year-over-year-decline-2/
