Single Family Home Under 200,000 chicago (Brighton: low income, condo, crime)

[CGab]

You'd be better off in the other states you mentioned since they are low cost of living states. Chicago is one of the most expensive cities to live in, as you can see. $200k in Chicago will get you very little or in a bad area.

[WestSideMillennial]

That's easy, East Garfield Park! I recently purchased property there (east of Rockwell St). That area will become "up and coming" thanks to the West Loop revitalization, and the soon to be built green line stop very soon.

[3goodmonths]

I can go up to 250,000 looks like a SFH will not work in the areas I want but i did see some lofts one bedroom lofts I like although for some reason my wife does not like lofts. Also we both have cars so the lofts I have been seeing are south loop so could end up paying a fortune for parking spaces. I am originally from suburbs and I just cannot give up my car I feel if I ever need to escape for a drive I need the car.

Saw a couple houses around bridgeport and canaryville for 200,000 to be honest that area really intimidates me I feel and this is from what I read that it is true south siders and police officers and I am not sure i would fit in. It feels like it is really close knit I feel like a total outsider its like ok you live on north side for six years what brought you to the nieghborhood, well your the only place that had a house close to downtown for 200,000. But I do kind of like that area I just am not sure if I am hard core enough and i know my wife is not.

my only experience with bridge port is ricobene's pizza and it was really good drove through canaryville and it was nice and very differnet than any nieghborhood in chicago with its barriers it is like a time capsule.

[compactspace]

Maybe Woodlawn?

[MikeMak27]

Clearing and Garfield Ridge west of Midway Airport are very safe neighborhoods with loads of cops and firefighters. The elementary school is pretty good and housing is under 250k for homes in good condition.

[chet everett]

Originally Posted by 3goodmonths

I can go up to 250,000 looks like a SFH will not work in the areas I want but i did see some lofts one bedroom lofts I like although for some reason my wife does not like lofts. Also we both have cars so the lofts I have been seeing are south loop so could end up paying a fortune for parking spaces. I am originally from suburbs and I just cannot give up my car I feel if I ever need to escape for a drive I need the car.

Saw a couple houses around bridgeport and canaryville for 200,000 to be honest that area really intimidates me I feel and this is from what I read that it is true south siders and police officers and I am not sure i would fit in. It feels like it is really close knit I feel like a total outsider its like ok you live on north side for six years what brought you to the nieghborhood, well your the only place that had a house close to downtown for 200,000. But I do kind of like that area I just am not sure if I am hard core enough and i know my wife is not.

my only experience with bridge port is ricobene's pizza and it was really good drove through canaryville and it was nice and very differnet than any nieghborhood in chicago with its barriers it is like a time capsule.

If you can find a $250K single family home in Bridgeport that is not totally falling apart or in a terrible location (like right under the expressway / up against a set of train tracks) you almost certainly will be able to SELL IT AT A PROFIT in a short time. I generally don't recommend moving to an area that you don't see yourself staying in for 5-7 years as the costs of selling make it hard to move BUT given the exceptionally strong demand for homes in Bridgeport it might be worth taking a plunge...

Frankly if you got a TWO FLAT like this one you would probably end up LIVING FOR FREE as the rent could cover just about cover your mortgage and appreciation is likely to end up being strong -- https://www.redfin.com/IL/Chicago/28.../home/14080420

You are mistaken if you feel that this part of Bridgeport is all "cops and other insiders" -- they tend to live in the NICER AREAS that are much closer to the former Comiskey Field. These sorts of locations a bit further out have a relatively pleasant mix of Asian buyers as well as folks of various Hispanic backgrounds who tend to be OK with the more modest prices of the area. What you are giving up vs the "north side" is mostly the fact there is not much established nightlife and such. That makes a big difference to folks just out of college that wants to give themselves the opportunity to hook up as frequently as possible but that seems less important to younger couples who just want a nice home. This particular home almost certainly needs some updating and the hard paved "yard" would benefit greatly from having a nice theft-resistant garage added but if you have any ability to do those sorts of things your neighbors will more than likely appreciate your efforts and if you decide that the area is not for you I suspect you could make a quick profit...

Here is another option that would require either quite a bit of cash on hand or using a rehab loan but again it could result in quick profit -- https://www.redfin.com/IL/Chicago/32.../home/14073194 Looks like somebody started a rehab and ran out of cash, always a situation that limits the pool of buyers but has GREAT POTENTIAL for proft. Of course you'd need to be sure that the reno was not abandoned due to major issues that would make completion too costly but that is the kind of thing that an experienced 203 lender would be able to provide the proper connections to qualified builders. The process is outlined on this page but there are MANY lenders (some of whom have radio shows and such...) who have excellent "network" of experienced builders who can really help on such a project. 203k Contractors in Chicago Hiring an FHA 203k Loan Contractor |

[via chicago]

your expectations are simply unrealistic. you are not going to be able to afford a house for 200k on the north side. its simply not happening.

[trailblazer33]

Originally Posted by glass_of_merlot

my husband makes 93k a year and we cant even afford a house in the city in a nice hood.

I make 2/3s of your husband and I have a SFR in a nice hood in the City.

[BRU67]

Originally Posted by chet everett

If you can find a $250K single family home in Bridgeport that is not totally falling apart or in a terrible location (like right under the expressway / up against a set of train tracks) you almost certainly will be able to SELL IT AT A PROFIT in a short time. I generally don't recommend moving to an area that you don't see yourself staying in for 5-7 years as the costs of selling make it hard to move BUT given the exceptionally strong demand for homes in Bridgeport it might be worth taking a plunge...

Frankly if you got a TWO FLAT like this one you would probably end up LIVING FOR FREE as the rent could cover just about cover your mortgage and appreciation is likely to end up being strong -- https://www.redfin.com/IL/Chicago/28.../home/14080420

You are mistaken if you feel that this part of Bridgeport is all "cops and other insiders" -- they tend to live in the NICER AREAS that are much closer to the former Comiskey Field. These sorts of locations a bit further out have a relatively pleasant mix of Asian buyers as well as folks of various Hispanic backgrounds who tend to be OK with the more modest prices of the area. What you are giving up vs the "north side" is mostly the fact there is not much established nightlife and such. That makes a big difference to folks just out of college that wants to give themselves the opportunity to hook up as frequently as possible but that seems less important to younger couples who just want a nice home. This particular home almost certainly needs some updating and the hard paved "yard" would benefit greatly from having a nice theft-resistant garage added but if you have any ability to do those sorts of things your neighbors will more than likely appreciate your efforts and if you decide that the area is not for you I suspect you could make a quick profit...

Here is another option that would require either quite a bit of cash on hand or using a rehab loan but again it could result in quick profit -- https://www.redfin.com/IL/Chicago/32.../home/14073194 Looks like somebody started a rehab and ran out of cash, always a situation that limits the pool of buyers but has GREAT POTENTIAL for proft. Of course you'd need to be sure that the reno was not abandoned due to major issues that would make completion too costly but that is the kind of thing that an experienced 203 lender would be able to provide the proper connections to qualified builders. The process is outlined on this page but there are MANY lenders (some of whom have radio shows and such...) who have excellent "network" of experienced builders who can really help on such a project. 203k Contractors in Chicago Hiring an FHA 203k Loan Contractor |

I recently looked at multi units in Bridgeport. While it's not frothing hot like Pilsen - where investors have taken to going door-to-door to solicit long time owners before the things even get to the market - you really got to be patient for a good deal. There's a lot of junk out there in this neighborhood and when a nice one at good value does come up expect pretty avid interest and multiple bids.

I would consider looking west in McKinley Park and in Little Village as well. Both will be cheaper than Bridgeport and I think are poised to do good things in the future. I have a multi unit in Little Village and I'm quite frankly stunned by the quality of tenants that I am getting who are interested in renting there.

The 203k loan is an excellent idea. But I would caution against underestimating the downtime that it takes to get an apartment ready. Usually take your estimate and multiply it by 3 in terms of months, and that's how long the project is going to take! So just make sure you have sufficient resources to cover an empty unit and a full mortgage while you rehab.

Also you need to time it so you can have your supplemental income unit ready to rent no later than September 1st. I have learned the hard way that is very difficult to get good tenants in Chicago between October and April. Good creditworthy tenants have already found their places by then and all you're dealing with it seems are dregs who have been evicted, are being evicted, or unable to find a place for a variety of reasons which usually are not good.

[via chicago]

look, if this guy finds uptown and rogers park too rough he is not going to last 5 minutes in little village