buying a multi unit building (Chicago: landlord, live, prices)

[Aleking]

Originally Posted by valpoguy

It sounds like you have either not spent much time in Pilsen lately, or have only spent time in the most gentrified parts of Loan Square. On the whole the two are much more similar in my view than you seem to think they are. Both have a handful (but not a lot) of nice coffee shops, bars, and restaurants. Both have affordable rent except in their most gentrified parts. Both have a combination of working-class Latinos, "hipsters" and a few yuppies. Logan is a little further along in the gentrification, but to say that it is "done" while Pilsen is some gang-infested anti-gentrification holdout is gross over-exaggeration, IMO.

I get what your saying and they are both large neighborhoods with varying qualities. But the prime areas of Logan are more expensive/gentrified than anything in Pilsen (including the more desirable eastern half) by a fairly wide margin.

My comments were pretty narrow in scope in that I was talking about places with the best possible chances for future appreciation...I don't think the far western/southern portions of Logan are in that category, while i feel Pilsen still has potential gains...and yes those areas do have gang issues (infested was your hyperbole btw, i know it's not that bad, but it is an issue for future yuppie gentrifiers).

[rparz]

Originally Posted by valpoguy

It sounds like you have either not spent much time in Pilsen lately, or have only spent time in the most gentrified parts of Loan Square. On the whole the two are much more similar in my view than you seem to think they are. Both have a handful (but not a lot) of nice coffee shops, bars, and restaurants. Both have affordable rent except in their most gentrified parts. Both have a combination of working-class Latinos, "hipsters" and a few yuppies. Logan is a little further along in the gentrification, but to say that it is "done" while Pilsen is some gang-infested anti-gentrification holdout is gross over-exaggeration, IMO.

I agree with this but will add Logan's edge against Pilsen is the el stop.

[valpoguy]

Originally Posted by Aleking

(infested was your hyperbole btw, i know it's not that bad, but it is an issue for future yuppie gentrifiers).

Yes, that was my word choice, but it seemed to be the picture you were trying to paint. With your followup explanation it makes a little more sense, though I'm not sure that Logan doesn't still have gangs, as well.

As for the idea of Pilsen being anti-gentrification, the white students and young professionals I've known who have gone apartment-shopping there have had long-time Latino residents and property owners falling over each other to rent to them. Many of the local businesses now cater to that crowd, too. I realize there was (is?) an anti-gentrification group from there that got some press, but on the whole it doesn't appear to be more so than anywhere else.

[valpoguy]

Originally Posted by rparz

I agree with this but will add Logan's edge against Pilsen is the el stop.

Pilsen has an el stop (pink line) smack dab in the middle of the neighborhood, actually, and has a much shorter train ride to the Loop than Logan's does. The difference is that Logan's gentrification started near the el stop while Pilsen's started near the Dan Ryan, South Loop, and UIC. It's spreading toward the el stop, though, slowly but surely.

[Aleking]

Originally Posted by valpoguy

Yes, that was my word choice, but it seemed to be the picture you were trying to paint. With your followup explanation it makes a little more sense, though I'm not sure that Logan doesn't still have gangs, as well.

As for the idea of Pilsen being anti-gentrification, the white students and young professionals I've known who have gone apartment-shopping there have had long-time Latino residents and property owners falling over each other to rent to them. Many of the local businesses now cater to that crowd, too. I realize there was (is?) an anti-gentrification group from there that got some press, but on the whole it doesn't appear to be more so than anywhere else.

Of course it does, in fact the far south/west sides are just as bad as any in Pilsen.

My anti-gentrification comment was meant to imply an insurmountable hurdle but only a potential roadblock...it's certainly been a large one here in Uptown.

And I don't see why local landlords wouldn't be eager to soak up the easy rental money. The push back if and when it comes will be from long term non-owning residents who gradually see their rents increased as owners capitalize on demand...or worse convert to condos.

Either way, the process has pretty much come to a halt city wide and we'll just have to wait and see what happens if we ever get into another boom cycle.

EDIT: in the end, i agree with you and there's a reason i listed Pilsen first on my list of places with potential.

[valpoguy]

Originally Posted by Aleking

Either way, the process has pretty much come to a halt city wide and we'll just have to wait and see what happens if we ever get into another boom cycle.

Agreed. And then there's a glut of condos in the already-gentrified neighborhoods that will sell before very many are built elsewhere. I'm totally fine with that, though. I'd hate to see the remaining unique neighborhoods of the city turned into Lincoln Park clones.

[rparz]

I wouldn't worry too much about the anti-gentrification camp putting a damper on much of anything, except being a nuisance.

Three words:
Property
Tax
Increase

Unless, of course the city decides to take a stance against bleeding its citizens dry. I know where I'd bet my money...

[urbanlife78]

Originally Posted by valpoguy

Pilsen has an el stop (pink line) smack dab in the middle of the neighborhood, actually, and has a much shorter train ride to the Loop than Logan's does. The difference is that Logan's gentrification started near the el stop while Pilsen's started near the Dan Ryan, South Loop, and UIC. It's spreading toward the el stop, though, slowly but surely.

What is your boundary of Pilsen or the actual boundaries of Pilsen? When looking it up on google, it shows that Pilsen only goes as far west as Ashland, which would put the El outside of the neighborhood, though the official name for the area is Lower West Side, I believe. But now you got me curious and I am curious what others here think of this.

[urbanlife78]

1440 S HOMAN Ave, CHICAGO, IL 60623 | MLS# 07918224

Just a random property, the cost of the building compared to the income made from the rent along with the cost of the property taxes that is listed would make a property like this sounds like a decent investment. Maybe something that might not go up in value, but still bring in more than the cost of the mortgage and taxes would be.

[valpoguy]

Originally Posted by urbanlife78

What is your boundary of Pilsen or the actual boundaries of Pilsen? When looking it up on google, it shows that Pilsen only goes as far west as Ashland, which would put the El outside of the neighborhood, though the official name for the area is Lower West Side, I believe. But now you got me curious and I am curious what others here think of this.

Interesting! I just looked it up on google maps and I see what you mean. I'm used to people including in their definition of Pilsen the areas that google calls "Lowest West Side", "Heart of Chicago", "Heart of Italy" and "East Pilsen".

This map of Pilsen matches my general understanding of the boundaries:

Image:Pilsen map.png - Wikitravel

I have no idea if this is technically correct or not, but it seems to fit common usage. Technically I guess "Lower West Side" is the name for the whole area, but nobody I know who lives there calls it that. They call it Pilsen, even down by 26th and Western.