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Short-Term Rental · Evanston, IL

Short-Term Rental Financing in Evanston, IL

Estimated 0.94x DSCR on a $450,000 short-term rental with $112,500 down — qualified on the property's income, not your tax returns.

Modeled Purchase Price
$450,000
25% Down
$112,500
Loan Amount
$337,500
Est. Monthly PITIA
$3,321
Creditable STR Income
$3,114/mo
Est. DSCR Ratio
0.94x

Short-Term Rental investing in Evanston

Short-term rental financing in Evanston is a different underwriting product than a long-term DSCR loan even though it carries the same name. The lender is crediting nightly revenue instead of a signed lease, which means the documentation, the reserve requirement, and the permit diligence all change.

At the Evanston median of $450,000, a short-term rental prices near $450,000. Minimum down is 25% ($112,500), leaving a loan of $337,500. Estimated all-in PITIA runs about $3,321 per month.

The Evanston ratio math on this product

Gross nightly revenue in Evanston models to about $4,325/month across a full year. Lenders do not credit that dollar-for-dollar — a 28% haircut for vacancy, cleaning, platform fees and management leaves $3,114 of creditable income. Against a PITIA of $3,321, that is an estimated DSCR ratio of 0.94x. That lands just under 1.0. It does not kill the deal in Evanston: moving to a larger down payment ($135,000) usually closes the gap, and several shelves fund down to 0.75x with a rate add-on.

Underwriting notes specific to STR files: plan on 25% down as the floor, six months of PITIA in reserves, and either twelve months of Airbnb/VRBO earnings statements on the subject property or a third-party market revenue study for a property with no operating history. Short-term rental activity is moderate here and local rules vary by zoning district. Verify the permit status of the exact address before you go hard on earnest money — an unpermitted STR is an unfinanceable STR on this product.

Returns and structure

Return metrics at the Evanston median for this product: an estimated cap rate of 4.57%, and monthly cash flow of $207 negative at 25% down. Negative cash flow at the minimum down payment is common in appreciation-led markets; investors close the gap with a larger down payment, a purchase below median, an added unit, or a rate buydown.

Evanston property types compared

Property TypeModeled PriceMin. DownEst. IncomeEst. DSCR
Single-Family Rental$450,00020% ($90,000)$2,875/mo0.83x
2–4 Unit Multi-Family$711,00025% ($177,750)$5,348/mo1.02x
Condo & Townhome$324,00020% ($64,800)$2,271/mo0.80x
Short-Term Rental (this page)$450,00025% ($112,500)$3,114/mo0.94x

All figures model a purchase at the Evanston median of $450,000 with the property-type adjustments described above, at an illustrative 7.50% DSCR rate on a 30-year fixed. Short-term rental income is shown after the standard lender haircut.

Figures on this page are modeled estimates derived from the Evanston median price and market rent, adjusted for short-term rental product characteristics. They are illustrative, not a loan offer or an appraisal. Actual pricing, rent, taxes, insurance, HOA dues and DSCR depend on the specific property and on conditions at the time of application.

Evanston Short-Term Rental FAQ

More Evanston investor resources

Evanston investor guide
Full market analysis and loan options
Single-Family Rental in Evanston
0.83x est. DSCR
2–4 Unit Multi-Family in Evanston
1.02x est. DSCR
Condo & Townhome in Evanston
0.80x est. DSCR
Cook County investor hub
Every market we finance in the county
DSCR loan requirements in Illinois
DSCR payment calculator

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