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Old 06-15-2020, 02:09 PM
 
215 posts, read 151,550 times
Reputation: 75

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Schaumberg,
Buffalo Grove,
Elk Grove Village
any other...

Parameters:
- Best schools
- Safe
- Metra access
- Walkable
- Access to shops

Primarily buying it to rent.
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Old 06-15-2020, 02:36 PM
 
2,568 posts, read 2,518,664 times
Reputation: 8479
What's your budget?
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Old 06-15-2020, 02:39 PM
 
215 posts, read 151,550 times
Reputation: 75
Quote:
Originally Posted by BOBNCHI View Post
What's your budget?
Townhouse. Between $200K - $250K.
First time home buyer, for rental.
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Old 06-15-2020, 02:45 PM
 
2,561 posts, read 2,180,727 times
Reputation: 1672
Northwest or southwest? The subject says southwest, but it looks like you attempted to give examples of northwest suburbs.
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Old 06-15-2020, 03:10 PM
 
Location: Chicago, IL
2,752 posts, read 2,404,996 times
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Schaumburg, Buffalo Grove, and Elk Grove Village are all northwest suburbs...
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Old 06-16-2020, 08:46 AM
 
215 posts, read 151,550 times
Reputation: 75
Quote:
Originally Posted by fusillirob1983 View Post
Northwest or southwest? The subject says southwest, but it looks like you attempted to give examples of northwest suburbs.
My bad. Its a typo. Northwest suburbs.
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Old 06-16-2020, 09:26 AM
 
Location: Illinois
3,208 posts, read 3,548,528 times
Reputation: 4256
I think you're going to have a hard time matching all of those criteria at $250k. The inventory is very limited. None of the communities you mentioned could be considered 'walkable'. Schaumburg and Elk Grove Village do not have good access to the Metra. I would take a look at Barlett, Hanover Park, Palatine, Mundelein, and I would keep looking in Buffalo Grove.

You're an investor, and I imagine you have done the numbers. But, if you haven't, please know that this is a very risky investment in this area and is unlikely to give you much return on appreciation. Frankly, I'm not sure your yield will be so great either.
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Old 06-16-2020, 02:09 PM
 
215 posts, read 151,550 times
Reputation: 75
Quote:
Originally Posted by Hiruko View Post
I think you're going to have a hard time matching all of those criteria at $250k. The inventory is very limited. None of the communities you mentioned could be considered 'walkable'. Schaumburg and Elk Grove Village do not have good access to the Metra. I would take a look at Barlett, Hanover Park, Palatine, Mundelein, and I would keep looking in Buffalo Grove.

You're an investor, and I imagine you have done the numbers. But, if you haven't, please know that this is a very risky investment in this area and is unlikely to give you much return on appreciation. Frankly, I'm not sure your yield will be so great either.
Can you add more info on "risky investment" and "I'm not sure your yield will be so great"?

"Inventory is very limited" ==> Should I assume there is high demand then?
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Old 06-16-2020, 03:00 PM
 
Location: Illinois
3,208 posts, read 3,548,528 times
Reputation: 4256
Quote:
Originally Posted by spicy_guy View Post
Can you add more info on "risky investment" and "I'm not sure your yield will be so great"?

"Inventory is very limited" ==> Should I assume there is high demand then?
Home values in suburban Chicago, especially the northwest suburbs, haven't kept up with inflation. Many properties are selling for less than they did 15-20 years ago. Demand just isn't there. Due to the lack of demand for rentals in the area, I'm not sure that you can demand high enough rent to cover your expenses.

Inventory is limited for a variety of reasons. Chief among them are: coronavirus has put a damper on home listings, and townhomes were not a preferred style in the northwest suburbs.
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Old 06-16-2020, 06:05 PM
 
13,005 posts, read 18,903,092 times
Reputation: 9252
Buffalo Grove, in the popular Stevenson HS District (verify before you buy). Disadvantage: it's served by the limited-service North Central route.
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