What do you think of these areas, 13203, Schiller Park- Syracuse? (Lyncourt: rental, crime)

[The Stig]

I'm looking to buy a property in around the zip 13203. Is this an ok area in terms of crime and the neighborhood? The property will be for a buy to let rental investment. I have been told the rental should be $650 per month, this is a 3 bed, does this sound accurate? The deal hinges on the rental prospects.

The property is a few blocks from Schiller Park to the north and St Josephs Hospital Health Centre to the south-west. Also close to the Carousel plaza expansion site, which is in phase 1 of extension of the Destiny USA project.

Also what are your thoughts on the project and it's impact on the area?

Many Thanks

[Sgoldie]

From what I know it's not the worst area of the city. It may be the second worst though. $650 for a 3 BR sounds about right for that section. A suburban apt complex with two bedrooms will rent for the same amount but will be in a better area with newer buildings.

Carousel will not change the dynamics of that neighborhood much. There are a couple of ok blocks here and there. This had traditionally been an immigrant blue collar neighborhood that is now somewhat mixed.

You might be better off looking at the area called Tipperery Hill, only if you plan on keeping the house up in decent shape.

[The Stig]

Thanks Sgoldie, the main thing that attracted me to this part of town was the house prices being under $40k versus the rental income. I'm not too fussed if the area is a blue collar neighborhood, the main thing is that it isn't ridden with crime. Do the prices for a suburban apt or Tipperery Hill hit around the $40 or $50k mark?

[Sgoldie]

By suburban apt I mean those in a complex of several apts. You can get decent prices on Tipp Hill. The houses are generally bigger there but the neighborhood is a tad more stable than the area you've been looking in.

[mclaughlin7]

I also are looking to invest in parts of Syracuse and would like to know more about the area such as levels of crime, rental value/opportunity and prospects of development over the coming years. Due to the low value of property, I see this as a good opportunity for investment but need to know more?

[ckhthankgod]

Originally Posted by mclaughlin7

I also are looking to invest in parts of Syracuse and would like to know more about the area such as levels of crime, rental value/opportunity and prospects of development over the coming years. Due to the low value of property, I see this as a good opportunity for investment but need to know more?

I would go for it. Actually, the parts of the Northside around schiller Park are fine, for the most part.

[phaelon56]

Originally Posted by ckhthankgod

I would go for it. Actually, the parts of the Northside around schiller Park are fine, for the most part.

Don't do it blind from a distance. Some of those areas can be fairly stable or good but may have a block or two here or there that are bad and not improving. Overall Tipp Hill is far more stable. I'm not knocking the North Side btu in overall terms it's been onthe decline for years and the blight that started around Townsend, Catherine and outer Lodi seems to be sxlowly creeping out to other parts of the North Side. I think Lyncourt and the areas of the outer North side that are adjacent to it are not discussed very much but tend to be very stable and - if the right property can be located - are a solid bet for an investor who is committed to keeping up a property and retaining good tenants.

[ckhthankgod]

Originally Posted by phaelon56

Don't do it blind from a distance. Some of those areas can be fairly stable or good but may have a block or two here or there that are bad and not improving. Overall Tipp Hill is far more stable. I'm not knocking the North Side btu in overall terms it's been onthe decline for years and the blight that started around Townsend, Catherine and outer Lodi seems to be sxlowly creeping out to other parts of the North Side. I think Lyncourt and the areas of the outer North side that are adjacent to it are not discussed very much but tend to be very stable and - if the right property can be located - are a solid bet for an investor who is committed to keeping up a property and retaining good tenants.

True...There are some parts in that area that are hit or miss. I would stay East of Schiller Park, personally and it is next to the sedgwick area as well. I think the Butternut Circle area, where Grant Boulevard and Butternut St. meet, is an area that could use some development. North of Grant is still very nice and stable. I think once you go south of Butternut about 4 or 5 blocks, that's where it gets iffy.