where to invest in chicago for under $20,000 (for sale, real estate)

[parkrise022]

I am looking to invest in chicago, could anyone recommend any areas that they think are OK to buy in for under 20,000? and be able to rent the property out?

I have hear hispanic and white areas are the more stable areas to invest at this price range, but I would appreciate peoples comments as I am only going off real estate agents views.

Thanks in advance

[Jandur]

Are you talking about a house? And are you looking for a house that costs 20k? If there is such a thing I'd imagine it would be a rundown hole in some very bad neighborhood.

[Aleking]

prob some SFHs in that price range down in the wild 100s., if you're hardcore and handy, you might be able to make some money with sec 8 but probably not.

[Manigault]

There were several single family homes available in South Shore in the twenties but most have sold. That area is attempting a resurgence.

[chirack]

Originally Posted by Aleking

prob some SFHs in that price range down in the wild 100s., if you're hardcore and handy, you might be able to make some money with sec 8 but probably not.

Even in the worse areas 20,000 will not buy you a livable house. At best you would need to put in so much money to get it livable that you might as well tear it down. The going rate for an abandoned lot in GP was close to $10,000 in the 90ies.

[aragx6]

The second paragraph of this post makes it seem, to me, like trolling/race baiting. But if the OP wanted to do that, he should have thrown out at least a vaguely reasonable number -- $20k is just laughable. I've seen sketchy houses in sketchy neighborhoods in St. Louis sell for more than that.

[chet everett]

I've sketchy CARS sell for more than that...

Now even if the OP means " I have about 20K cash and I would like to invest in purchasing a single family home for about 3.5% down and fix it up to secure a profit" the comments about race seem insensitive if not "troll worthy"...

Let's suppose the OP takes about a third of his $20K "cash stash" to apply for a 3.5% down FHA loan. Assuming adequate income and credit scores they could expect to buy a home right around $190K, which do exist in the less desirable spots in Chicago. They'd have about $13K to invest in "improvements". I suppose they could, with appropriate "elbow grease" fix up a kitchen and bathroom or two for $13K in materials. The problem is there is not now, nor do I anticipate anytime soon, demand for places at $220K or more in neighborhoods like Humbolt Park or similar lower priced areas...

[parkrise022]

Chicago Real Estate & Chicago Homes For Sale — Trulia.com

have a look for yourself at the prices idiot

[chirack]

Originally Posted by parkrise022

Chicago Real Estate & Chicago Homes For Sale — Trulia.com

have a look for yourself at the prices idiot

Yeap, and if you think you can make a profit on your investment of $20,000 in a house in that area in the condition that much of that property is in I have a bridge to sell you...... some of thoose places look like they have experinced a fire.

[chet everett]

I would advise our new poster to do as they wish.

Perhaps we can offer some suggestions as to how best receive a warm welcome from their new neighbors in West Pullman, Englewood, Roseland, Back of the Yards, Humbolt Park or similar areas.

Allow me to start to start. Many renters in these areas lack the retro elegance of a "hitching post" in the front yard, preferably painted in life like colors --