Buy cheap condo in Chicago for renting out and then relocate to Chicago? (section 8, for sale)

[Haringson]

Hi guys,

I live in SF Bay (please don't envy )
and can't afford to buy a property there,

so I am considering a buy a property in Chicago for $75k -100k?

e.g.

Real Estate - 130 Homes For Sale | Zillow


is this price realistic to buy anything not so bad?

for next 1-2 year rent this condo out via agency for $1000 -$1200 ??

(HOA -$200 -300 + tax 100 + electricity, etc = $500 -700
rent out for $1000 -1200 - %20 agency?)

so even a make a small profit

is anything I am missing on buy / rent out stage?

any advice and criticism welcomed!


thank you!

[MannheimMadman]

Based on the link you've provided, the search is pulling from some pretty marginal areas where the reason for low cost is crime and undesirability. Therefore, I'd be cautious about being able to pull in $1000-$1200/MO in rent.

And, in neighborhoods that ARE desirable, that price range doesn't go very far. I just purchased a condo myself, and believe me; I looked at A LOT of those cheap properties. Most of them are garbage units in poorly maintained buildings, outdated, or with an association that is in absolute shambles. Your best bet is probably looking in the top right cluster of properties on the map - this is in the Rogers Park neighborhood, which is touch and go, but probably your best best to get the rent you need.

[long101]

If you can only afford 75-100k you cant afford to buy a desirable condo in Chicago. If you do buy one in this range, and rent it out, I would think you'll be dealing with section 8

[jdiddy]

I don't envy you for living in SF or for this poorly thought plan of yours. Long distance landlording is not an easy way to turn a profit. Long distance landlording for some bottom of the barrel dump in an unfamiliar city a thousand miles away will not end well for you.

[DougStark]

Consider investing in the stock market instead...

[Runuova]

Originally Posted by long101

If you can only afford 75-100k you cant afford to buy a desirable condo in Chicago. If you do buy one in this range, and rent it out, I would think you'll be dealing with section 8

And that's a shame!

Condos should never break the bank that way.

[ToriaT]

When buying these you really have to know what you are doing. I would say stay away. Most or many are bad investments and you will be dealing with section 8. Also its not easy to be a landlord from a distance.

[long101]

Originally Posted by Runuova

And that's a shame!

Condos should never break the bank that way.

OP is looking for real estate in the 3rd largest city in the country, you need to be realistic. 75k would hardly buy a parking spot in San Fran, I dont think its unfortunate that he cant buy an entire condo in Chicago

[Runuova]

Originally Posted by long101

OP is looking for real estate in the 3rd largest city in the country, you need to be realistic. 75k would hardly buy a parking spot in San Fran, I dont think its unfortunate that he cant buy an entire condo in Chicago

I'm being realistic!

Just saying a condos nothing but a glorified apartment and sometimes the prices get out of hand. Third largest city or not, condos shouldn't rival the pricing on a decent SFH.

[MannheimMadman]

Originally Posted by Runuova

I'm being realistic!

Just saying a condos nothing but a glorified apartment and sometimes the prices get out of hand. Third largest city or not, condos shouldn't rival the pricing on a decent SFH.

A condo isn't a glorified apartment, it is an apartment, albeit, with a mortgage.But, I can see where you're coming from.

What are your arguments and reasons they shouldn't costing the same as a SFH?