The math national flip calculators get wrong
What does it actually cost to flip a house in Chicago?
Beyond purchase and rehab, Net Gain Realty's 2026 analysis puts the cost to flip a house in Chicago at $22,000-$36,000 in transaction, holding, and brokerage costs on a typical deal, with the exit brokerage line at a flat $1,995 instead of a traditional 2-3% listing fee. Run your numbers with real Chicago closing math.
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What It Actually Costs to Flip a House in Chicago (2026)
Net Gain Realty’s 2026 Chicago flip analysis finds that beyond the purchase price and your rehab budget, flipping a house in Chicago typically costs $22,000-$36,000 in transaction, holding, and brokerage costs round trip on a $275,000 purchase resold near $440,000. Round trip means both closings, the buy and the sell, because a flip pays closing costs twice. The single biggest controllable line is the exit-side brokerage fee, and it is the one line you pick yourself: Net Gain Realty lists Chicago flip exits for a flat $1,995 with full service, not a traditional 2-3% listing fee. National flip calculators miss the Chicago-specific parts: transfer taxes charged twice, attorney closings on both ends, and hold times that run on Chicago’s actual days-to-contract, not a six-month national guess.
The double transfer tax is not an estimate, it is statute. 35 ILCS 200/31-10 reads:
“A tax is imposed on the privilege of transferring title to real estate located in Illinois … at the rate of 50¢ for each $500 of value or fraction of $500 stated in the declaration required by Section 31-25.”
Illinois Compiled Statutes, 35 ILCS 200/31-10 (Property Tax Code, Real Estate Transfer Tax Law)
That state layer lands on the resale side of your flip. Cook County adds 25 cents per $500 under 55 ILCS 5/5-1031, and inside Chicago city limits the city charges $3.75 per $500 on the buy and $1.50 per $500 on the sell. A flip inside the city pays into that stack on both closings, which is the part national calculators leave out.
This page breaks the whole stack into five layers. The calculator alongside runs your exact deal. Every figure is an estimate; your deal decides the real numbers.
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Layer 1: What You Pay to Buy
Acquisition transaction costs on a Chicago purchase are arithmetic, not guesswork:
| Cost | Typical Amount | Notes |
|---|---|---|
| Chicago transfer tax (buyer side) | 0.75% of price | $3.75 per $500. City of Chicago only; suburbs differ |
| Title, closing, recording | $1,200-$2,000 | Varies with price and title company |
| Attorney | $750-$1,250 | Illinois closings run through attorneys |
| Inspection | $450-$700 | Skipping it on a flip is how rehab budgets die |
| Hard money points | 1-3 points on the loan | Hard Money Scout’s 2026 rate survey, updated September 17, 2026; 2 points on $220,000 is $4,400 |
On a $275,000 Chicago purchase with a hard-money loan, that stack lands around $9,500-$10,500 before you swing a hammer.
Layer 2: What Every Month Costs You
Holding cost is a formula: loan interest, property taxes, insurance, and utilities, multiplied by the months you hold. On the example deal, roughly $3,200-$3,500 per month with financing.
The number national calculators fake is the multiplier. They assume six months everywhere. Chicago’s fast bands say otherwise: correctly priced homes in hot suburban price bands have been going under contract in about 8-14 days. Your real hold is your rehab timeline plus roughly six to eight weeks to contract and close.
That difference is real money. Two months saved at $3,400 per month is $6,800 that stays in the deal.
We track days-to-contract, sale-to-list, and demand by price band weekly across 26 Chicago-area suburbs, because the exit window is the difference between a good flip and a dead one.
Get this week’s screen for your suburb →
Layer 3: Rehab (Your Number, and Why We Won’t Fake One)
Rehab depends on scope, crew, and what the walls hide. Any website that hands you a per-square-foot rehab number without seeing the house is guessing, and the guess is where flip math goes to die.
So this page does the opposite: you bring the rehab budget, we compute everything around it exactly. I worked trades on flip crews before I represented investors on them. The people swinging the hammers know the budget better than any calculator, and the calculator respects that.
Layer 4: What You Pay to Sell the Flip
The exit has its own cost stack, and on a flip it lands months after the first one:
| Cost | Typical Amount | Notes |
|---|---|---|
| Transfer taxes (seller side, Chicago) | ~0.45% of resale | 0.30% city + 0.10% state + 0.05% county |
| Owner’s title policy | $2,500-$3,500 | Customarily seller-paid in Illinois |
| Attorney | $750-$1,250 | Second attorney closing of the cycle |
| Survey | $550-$750 | Standard on Illinois sales |
| Brokerage | See Layer 5 | The line you control |
On a $441,000 resale, the non-brokerage exit costs run about $6,000-$7,500.
Layer 5: Brokerage, the Only Line You Control
Everything above is set by statute, lenders, or the market. Brokerage is a choice.
| Exit Option | Fee on a $441,000 Resale | What You Get |
|---|---|---|
| Traditional listing (2-3%) | $11,025-$13,230 | Full service |
| Net Gain Realty flat fee | $1,995 | Full service: MLS-comp pricing, listing, showings, negotiation, contract to close |
Net Gain Realty represents Chicago investors at a flat $7,500 acquisition fee and lists flip exits for a flat $1,995 with full service. Never a percentage in either direction, at any purchase price. The flat exit saves roughly $9,000 against an example 2.5 percent listing on a $441,000 sale. Round trip, your total brokerage is $9,495 flat, $7,500 on the buy and $1,995 on the exit, against a percentage on both sides in a traditional cycle. Every flip you exit with us puts the savings toward your next acquisition.
Commission rates are negotiable and not set by law. The comparison uses an example 2.5% listing rate.
The 70% Rule, Chicago-Calibrated
The classic screen: maximum offer = 70% of ARV, minus rehab. The 30% buffer exists to absorb everything this page itemizes, plus your profit.
Run the layers against it. On a $441,000 ARV, the buffer is about $132,000. Transaction and holding costs above consume $25,000-$40,000 of it with traditional brokerage, but closer to $18,000-$28,000 with flat fees both directions and a fast-band hold. That recovered margin is why a disciplined buyer using this model can compete a few points above 70% on the right house and still protect profit.
It is a screen, not a guarantee. Every projection on this page is an estimate.
Where This Math Meets Real Deals
The math only matters on a house you can actually buy right. I run the Investor Target Screen weekly across 26 Chicago-area suburbs: listings sitting past their band’s days-to-contract, price cuts that signal motivated sellers, qualified lowball targets with offer ranges, and the exit window for each area.
Aggregate numbers are public. Addresses go to clients.
Net Gain Realty is a licensed Illinois brokerage (#481.014232). All figures on this page are estimates. Statutory rates shown for the city of Chicago, Cook County, and Illinois as of 2026; verify current rates before closing. Projections are never promises.
Questions sellers ask
How much does it cost to flip a house in Chicago beyond the purchase and rehab?
Net Gain Realty's 2026 Chicago flip analysis (data as of July 2026) puts it at roughly $22,000-$36,000 beyond purchase and rehab on a typical deal (a $275,000 purchase resold near $440,000 after a 5-month hold): acquisition transaction costs, financing points and interest, property taxes and insurance while you hold, exit closing costs, and brokerage both directions. The largest controllable line is the exit-side brokerage fee, and it is the one line you pick yourself: Net Gain Realty lists Chicago flip exits for a flat $1,995 with full service, not a traditional 2-3% listing fee, which on a $441,000 resale is about $11,025 at an example 2.5% rate. The state transfer tax layer inside that total is set by statute at 35 ILCS 200/31-10, 50 cents per $500 of price. All figures are estimates that depend on your deal.
What are the transfer taxes when flipping a house in Chicago?
In the city of Chicago you pay transfer tax twice on a flip. Buying, the buyer-side city transfer tax is 0.75% of the price ($3.75 per $500). Selling, the seller side is about 0.45% combined: 0.30% city share, 0.10% Illinois state, and 0.05% Cook County. Suburban flips skip the city portions but many towns charge their own stamps, so verify locally before you close.
How long does it take to sell a flip in Chicago?
Less time than national calculators assume. Correctly priced homes in Chicago's hot price bands have been going under contract in about 8-14 days (Net Gain Realty's weekly suburb screen, data as of July 2026), so recent flips have added roughly six to eight weeks to contract and close on top of the rehab timeline, not the six-month national assumption. That is a market read, not a promise about your hold time. Days-to-contract varies by suburb and price band, which is why Net Gain Realty tracks it weekly.
Do I need a real estate agent to buy a flip in Chicago?
No law requires one, but the math usually favors it. An agent who screens listings weekly surfaces deals you will not find manually, and flat-fee representation keeps the cost fixed regardless of price. Net Gain Realty represents Chicago investors at a flat $7,500 acquisition fee, never a percentage, and your offers request the flat $6,905 balance from the seller instead of a percentage, which strengthens a lowball at the same price.
What does a hard money loan cost in Illinois?
Hard Money Scout's 2026 rate survey (updated September 17, 2026) puts fix-and-flip hard-money rates at 9-13% with an average near 10.5%, 1-3 points, and loans of 70-80% of after-repair value, with some lenders going to 85-90% for strong deals. HardMoneyHome's Illinois lender data (as of September 2026) shows an average near 10.6% with about 3.3 points. On a $220,000 loan held five months at 2 points and 10.5%, that is $4,400 in points plus about $9,600 in interest. Rates move, so check current lender rate sheets before you commit.
What is the 70% rule and does it work in Chicago?
The 70% rule says pay no more than 70% of after-repair value minus rehab costs. It is a screen, not a law. In Chicago the 30% buffer has to cover roughly 6-9% of ARV in transaction, holding, and traditional brokerage costs: $25,000-$40,000 on a $441,000 resale in the cost layers itemized on this page (Net Gain Realty's 2026 flip analysis, data as of July 2026). Cutting the exit brokerage line to a flat $1,995 and holding for weeks instead of months returns real margin to that buffer, which can let a disciplined buyer compete slightly above 70% and still protect profit.
How much is the commission when I sell a flip?
Traditionally, a listing agent charges 2-3% of the sale price. At an example 2.5% rate that is about $11,025 on a $441,000 resale, before any buyer-agent compensation you choose to offer. Net Gain Realty lists flip exits for a flat $1,995 with full service: pricing from MLS comps, listing, showings, negotiation, and contract to close. On the numbers above, that is roughly $9,000 kept per exit.
Estimated Profit After Every Cost
Purchase, rehab, transaction, holding, and brokerage costs all included. All figures are estimates.
Exit brokerage line: $1,995 flat vs $11,025 at an example 2.5% listing commission.
Run Your Deal
Rehab is your number. Everything else is computed from published rates and real Chicago closing math.
Your after-repair value. An estimate, not a promise. Comps decide the real number.
You know your scope and your crew. We do not guess this number for you.
Rehab timeline plus time to contract plus roughly 45 days to close. Correctly priced homes in hot Chicago bands go under contract in about 1 to 2 weeks.
Chicago city transfer taxes applied both directions. Suburban stamps vary by town; state and county rates shown.
Hard money in Illinois typically runs 10 to 13 percent with 1 to 3 points. Check current lender rate sheets.
$7,500 flat, never a percentage. $595 paid at signing, credited toward the fee; the $6,905 balance is requested from the seller in every offer.
The Round-Trip Cost Stack
The one line you control: $9,030 kept on the exit
An example 2.5% listing fee on your resale is $11,025. The flat fee is $1,995, listed on the MLS, full service. Round trip, your total brokerage is $9,495.
All figures are estimates on the numbers you entered. Statutory rates shown for Chicago and Cook County; verify current rates at closing. Commission rates are negotiable and not set by law. Projections are not promises.
Want the deals this math works on?
I run the Investor Target Screen weekly across 26 Chicago suburbs: qualified lowball targets, offer ranges, and exit windows. Aggregate numbers are public. Addresses go to clients.
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