Is West Ridge a good area for investment? (Chicago, Rosemont: middle-class, apartment)

[cezar9]

Hi,

I am not from Chicago, but I really like the city and I am looking for an investment property. I am considering purchasing a condo in West Ridge near Rosemont avenue. Is this good area and would it be easy to rent out? What is the current rent for a decent 2b/2ba condo?

Many thanks,

[chet everett]

Honestly I am shocked that anyone that is not familiar with Chicago would be shopping here for investment property. Have you really bought up all the potential rental units near where you live?

I have owned homes in some parts of the greater Chicago region that are a little rougher than where my own home as well as homes to rent out nearby. It can be done profitably with the right mix of employment options nearby but believe me it takes a TON of work to get good tenants and then it takes a whole of things "going right" for the places not to be a huge time burden. If you are not nearby you will have to get others involved either a management company or local attorneys. That gobbles up profit.

Things a locals know (like that Rosemont is about a block south of Devon) make it easy to judge how many people ride the bus line along Devon and other indicators of how vibrant the employment base is. Personally I would never buying a place without spending ALOT of time with my own feet on the ground so I can see those sorts of factors. West Ridge is not the worst part of Chicago but it really is not hipster all, it ain't really posh, and it probably has less appeal than most surrounding suburbs for people with kids...

[It'sAutomatic]

The area is fine, I don't see it getting better or worse anytime soon. Try Craigslist if you want to see what rents are like.

[ProgMichael]

I wouldn't put West Ridge at the top of the list. It's a relatively safe, middle-class neighborhood, but I can't imagine property values are increasing dramatically. Little India is great, but there aren't any notable amenities beyond that. Also, no access to the "L" and a LONG way from the Loop. I'd look elsewhere like Avondale, Albany Park, or Douglas if I was investing in a neighborhood that is going to draw a lot of interest in the not-too-distant future.

[gomexico]

Well, if you can purchase the investment property for a low rate ... and there are lower-priced properties on the market ... then it might make sense for you to do this.

[irvparkrez11]

I've been a tenant in West Ridge myself. It's a safe, low-income neighborhood. If you're looking into an apartment on Rosemont, I'd say the closer you are to California Ave, or between California Ave and Western Ave, the better, because on California, there is a couple of cheap stores and a library; there are many stores on Devon; there is a school and a park not far. Your tenant will probably be a low-income immigrant, so your rent can't be unreasonably high. If you're looking into a neighborhood where you can maximize your rent, look elsewhere.

[cezar9]

Thanks irvparkrez11. The apartment that I am looking at is very close to Oakley and Bell ave. I just want to make sure that the $1100 estimate that i am getting from Zillow is reasonable for a super clean 2b/2ba with w/d.

[cezar9]

Originally Posted by irvparkrez11

I've been a tenant in West Ridge myself. It's a safe, low-income neighborhood. If you're looking into an apartment on Rosemont, I'd say the closer you are to California Ave, or between California Ave and Western Ave, the better, because on California, there is a couple of cheap stores and a library; there are many stores on Devon; there is a school and a park not far. Your tenant will probably be a low-income immigrant, so your rent can't be unreasonably high. If you're looking into a neighborhood where you can maximize your rent, look elsewhere.

Thanks irvparkrez11. The apartment that I am looking at is very close to Oakley and Bell ave. I just want to make sure that the $1100 estimate that i am getting from Zillow is reasonable for a super clean 2b/2ba with w/d.

[cezar9]

Originally Posted by ProgMichael

I wouldn't put West Ridge at the top of the list. It's a relatively safe, middle-class neighborhood, but I can't imagine property values are increasing dramatically. Little India is great, but there aren't any notable amenities beyond that. Also, no access to the "L" and a LONG way from the Loop. I'd look elsewhere like Avondale, Albany Park, or Douglas if I was investing in a neighborhood that is going to draw a lot of interest in the not-too-distant future.

Would you change your answer if you knew that I am looking at a forclosure selling at bellow market value? I am not sure if I can justify the extra 30-40K for a property in Avondale or Albany Park if the incremental rent revenue will be only 100-200 bucks.

[irvparkrez11]

Originally Posted by cezar9

Thanks irvparkrez11. The apartment that I am looking at is very close to Oakley and Bell ave. I just want to make sure that the $1100 estimate that i am getting from Zillow is reasonable for a super clean 2b/2ba with w/d.

Yeah, that's very reasonable. Even a little bit higher (say, $1200) would be fine too. When I lived in West Ridge, I rented a 2 bedroom, 1 bathroom apartment w/ washer/dryer for $1200. Yours has 2 bathrooms and a lower price .