Are you looking for wholesale deals in Chicago South Side? With so many neighborhoods and areas to choose from, I know it can get quite tricky. For any investor looking to purchase real estate in Chicago's south side, the first thing they should know is the various pockets of neighborhoods. The reason most investors look towards the South Side of Chicago is because there is a large portion of middle to low income neighborhoods with great houses. The south side for consists areas like high-end Hyde Park (where Obama lives), quintessential blue-collar areas like Chattam, Burnside, Chicago heights, and lower end neighborhoods like Englewood and West Pullman.
When looking at Chicago's South Side, the best way to point an investor is to break it up into 4 areas. Below are short descriptions that will give you an idea for what to look for and where to start.
South East - If you drive down from Lake Shore Drive past downtown, you begin to hit very historical areas of Chicago. As soon as you pass McCormick Place you are in Bronzeville. After Bronzeville, you will quickly be in Hyde Park. These two areas are historical and well kept condos and single family homes sell for 300K and up. You may find a multi unit for fewer than 100K, but that's very rare. Chicago University has is own campus and is lodged closely to the Hyde Park neighborhood, making it a very desirable area for young urban professionals. Unlike the North side, prices take a cliff dive in specific areas. If you go West of University of Chicaog, into Washington Park, you will find REO's in the low 40's. This area is was prime for change if Chicago won the Olympics, but we didn't. I would start looking farther South, past 55th, and into the 6800 South blocks.
If you keep going down Lake Shore Drive, you will hit South Shore and then South Chicago. South Shore is a beautiful area and you will find some of the cheapest lake side property in Chicago. There are pockets within South Shore, but the best real estate will be multi units. Last year saw some of the lowest prices for 3-4 unit buildings in South Shore. Although purchasing a property for 50-60K is ideal for investors, every building should undergo a full rehab. Section 8 loves these areas and properties will cash flow, ,200 for a 3 bedroom all day.
If you pass 85th, you're in South Chicago. The character of South Chicago is a lot different than South Shore; you have a lot more frame single family houses and a lot of board ups. This is not all that bad when you consider that you can get the same amount of rent for these properties. If you are looking for a buy, fix, and flip, I suggest you stick with brick single family homes for no more than 50-60K. But, if you find a brick multi-unit property, take advantage of it. I have seen prices for multi units a tad bit over single family homes, so don't think the prices are that much higher.
Basically, you want single family brick homes under 50K east of the Dan Ryan. If you are looking to buy multi-unit property in Chicago's South Side, just make sure you calculate your repairs high because the cheaper they are, the worse condition they may be in.
For more the latest real estate deals and wholesale property in Chicago's south side, go to http://www.ChicagoCashFlowProperties.com
No comments:
Post a Comment