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Old 01-16-2015, 08:29 PM
 
1,231 posts, read 2,083,850 times
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I'm thinking of buying a condo or townhouse in Highland Park and renting it out. I found 2 that I'm considering:

$180k condo $2k property taxes in downtown HP 2 bed 2 baths
$<150k townhouse $2,600 property taxes 2 bed 2 bath not in downtown HP but close

Do you think buying one of these properties and renting them out is a good idea to make more money? Would it be a good idea in Highland Park?
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Old 01-16-2015, 08:38 PM
 
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What are the association fees, if any? And if there is an association, do they allow rentals? Would you have to invest any additional capital to refinish the space and make it suitable for the uppity HP market?

Both do seem like great prices. I've wanted to do the same in downtown Wheaton, but there is a large supply of rentals from a couple new high-end developments, and I'm worried the market might become over-saturated. I'll likely give it some time and see what rental demand looks like in year or so.... is there anything similar going on in Highland Park?
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Old 01-16-2015, 09:03 PM
 
1,231 posts, read 2,083,850 times
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The condo has an association fee $333/month and the townhouse has an association fee of $456 a month. There's an active rental market among condos and townhouses in downtown HP, but the rest of HP's rental options are limited. The rental market in HP is very expensive though. Condo/townhouse rentals average at around the $2k's, but I found some under 2k.
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Old 01-17-2015, 09:22 PM
 
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Those properties seem awfully cheap for highland park. What's the catch?
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Old 01-17-2015, 09:31 PM
 
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The majority of folks that desire to live in Highland Park want to do so becuase they have kids and want access to the schools. The same can be said for pretty much any nicer suburb in the region.

Renting is not a great option for people with kids becuase they want stability.

People without kids tend to prefer a more lively area. Even those that like quiet and not super enthused about having mostly elderly widows as their neighbors, which want probably 75% of those condo end being owned by...

Potential targeting divorced dads that want to live close enough to keep tabs on ex-wife is not a big enough market for renting out condos...
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Old 01-18-2015, 05:46 PM
 
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Would the market be similar for buying and selling condos and/or townhomes in Highland Park?
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