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Old 12-30-2019, 11:13 AM
 
Location: Homewood, IL
282 posts, read 438,857 times
Reputation: 147

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Good morning! My wife and I are very interested in purchasing a three unit building in Pullman's historic area near 113th and Langley. I know this maybe a very vague question, but what are your thoughts on this investment based on the current situation and future outlook of the area? I know that the area west (Roseland) is not the best area, but I see potential in this little pocket. Similar to Hyde Park on the South Side.


What do you all think? Should we pull the trigger?


Thanks in advance!!
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Old 12-30-2019, 01:21 PM
 
504 posts, read 497,790 times
Reputation: 523
Love that area's housing stock. It is a low income area that could eventually become working class. It will not be like Hyde Park ever.

Safe investment if the property cash flows and it is relatively isolated from Roseland's crime ('wild 100s') + it has metra access. Just make sure the numbers make sense right now and it is a fine investment - don't factor in any speculative value increase or much rent increase.
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Old 12-30-2019, 01:27 PM
 
Location: Homewood, IL
282 posts, read 438,857 times
Reputation: 147
Quote:
Originally Posted by OKParker View Post
Love that area's housing stock. It is a low income area that could eventually become working class. It will not be like Hyde Park ever.

Safe investment if the property cash flows and it is relatively isolated from Roseland's crime ('wild 100s') + it has metra access. Just make sure the numbers make sense right now and it is a fine investment - don't factor in any speculative value increase or much rent increase.


It's a multi unit property. Two of the three units are occupied currently. Directly across the street there is the proposed Artscape Lofts. Hoping to go all in no more than 200K.


Thanks for your insight.
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Old 12-30-2019, 01:32 PM
 
1,748 posts, read 2,584,608 times
Reputation: 2531
I don't know a ton about investment property, although I am considering acquiring one, but I would be concerned if your property is the one with two tenants on a verbal month-to-month agreement. For multiple reasons.
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Old 12-30-2019, 01:59 PM
 
Location: Homewood, IL
282 posts, read 438,857 times
Reputation: 147
Quote:
Originally Posted by TBideon View Post
I don't know a ton about investment property, although I am considering acquiring one, but I would be concerned if your property is the one with two tenants on a verbal month-to-month agreement. For multiple reasons.
I'm also leery about that month to month agreement also. I personally would do a six month minimum lease agreement.
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