Need advice on North Chicago neigborhoods (Avon, Mark: section 8, for sale, real estate)

[newlandlord1]

I plan to buy a building, 2 or 3 flat, in Chicago for rent. I have been reading many threads in this forum about which neighborhoods are safe and it sounded like major North neighborhoods are better choices compared to South’s and West’s.

Now my next question is which North neighborhoods you think are growing and good for investment? And if you can give me an average how much to rent a 2 or 3 bedroom apt in that neighborhood, that would be great. My price to purchase a building is $500k or less. Thanks!

[jdiddy]

So the due diligence before investing half a million dollars on real estate in 2009 is reading city-data to determine the North side is better than the South and West sides.

[ChiGirl33]

For 500k or less for a 2 or 3 flat on the northside you will probably have to look at an up and coming neighborhood at a place that may need some work. If you want to stick with north I would try Logan Square/Avondale.

[MOD220]

there is no good investment in the north side for $500k. I paid more then that for the condo I live in. if you found something for $500k, you'd need to invest several hundred thousand for repairs/improvements.

you should look in the suburbs for that price range.

[chet everett]

There was a thread within the last ten days or so of someone asking about a SF home in East Roger's Park / Edgewater. On the very street there were at least three 2/3 flats for sale. With the Loyola students being a captive market that could be an easy way to have an income stream...

Lots of people with hinky loans NEED to get out of their commitments. You can always find someone that will "make a deal" if you have the cash or solid financing available to you.

[NearWestSider]

Originally Posted by chet everett

There was a thread within the last ten days or so of someone asking about a SF home in East Roger's Park / Edgewater. On the very street there were at least three 2/3 flats for sale. With the Loyola students being a captive market that could be an easy way to have an income stream...

Students are, for the most part, lousy tenants. They move constantly, break things, throw parties, and otherwise disturb any and all adults in the building or in the vicinity.

Markets that are student-dependent generally suck, too, inasmuch as there ends up being a massive number of units come on the market in June and August, and if you have a vacancy that is not filled by the start of the fall semester, you are screwed.

Yuppies are superior tenants and markets in every possible way, and renting to students should be viewed as the last resort short of Section 8.

[chet everett]

Loyola is not exactly "giant party school"...

And point was not so much that being a landlord to college kids is a easy path to real estate wealth (which I will let other argue about...) BUT that there are plenty parts of Chicago where it is not at all difficult to find well priced properties that can throw-off income.