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Old 04-11-2016, 12:46 PM
 
38 posts, read 40,246 times
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I moved from Indiana and live in Naperville. I start to look for investment properties in Chicago area. I know the west and south side are bad but not sure where exactly should I strongly avoid. Im open to condo and whole building as long as they are under 75k. I know this budget wont put me in good neighborhood like Evanston but I also don't want to buy a place that only drug dealer will rent...
I did find condo in rogers park and west ridge but more choices are available west from Kedzie and division. I wonder if I should look into those area or not. Thanks
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Old 04-11-2016, 12:59 PM
 
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Not sure what you hope to find.

While I am sure it is impossible to write off entire towns as suitable for only "drug dealers" the fact is your budget is a full $5000 below the median price in a rather depressed town like Calumet City -- https://www.redfin.com/city/2703/IL/Calumet-City
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Old 04-11-2016, 01:09 PM
 
38 posts, read 40,246 times
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Quote:
Originally Posted by chet everett View Post
Not sure what you hope to find.

While I am sure it is impossible to write off entire towns as suitable for only "drug dealers" the fact is your budget is a full $5000 below the median price in a rather depressed town like Calumet City -- https://www.redfin.com/city/2703/IL/Calumet-City



Im just looking for some advice on where to find properties since im not very familiar the broad Chicago area. I know my budget is low and that's why I want to hear some advice on the area to look for. If I have tons of money, I'd definitely go for the best neighborhood. The limit budget force me to look for area in between...
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Old 04-11-2016, 02:47 PM
 
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Well its impossible to find a whole building at $75 k or less unless its in a not so good or outright bad area. You will be able to find condos in a variety of places for that amount but before you leap and buy get a calculator, paper and a sharp pencil out and do your homework to find out if there would even be a profit for you to take on something like this. When you add in the mortgage, HOA fees, taxes, etc. its hard to make the numbers work.

You might want to look in a place like Cicero. Its safe enough, you will not take your life in your hands if you go there and remember if you are a landlord, you will have to go there at least at some point. Here is an example of what you might get for a low price point. Maybe with a little elbow grease and paint it could be rentable. You have to be realistic as to the rents you will get.

https://www.redfin.com/IL/Cicero/122.../home/13241926
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Old 04-11-2016, 03:12 PM
 
Location: Chicago
439 posts, read 956,908 times
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Why not just look in Aurora or points west?
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Old 04-12-2016, 09:22 AM
 
38 posts, read 40,246 times
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Thanks all. Yes, Im open to west suburb too. Actually it is better since I live in Naperville
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Old 04-12-2016, 09:45 AM
 
28,453 posts, read 85,542,166 times
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While there certainly are units in the Aurora area that one could purchase for under $75K, the better maintained complexes are going to have HOA fees and property taxes that put a significant "bite" into one's ability to live or rent cheaply -- https://www.redfin.com/IL/Aurora/199...home/103026597

Given the bad trends that condo prices and property taxes have both exhibited I would caution that the OP think long and hard about what they hope to accomplish...
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