N. Illinois Where to buy?

[Tom B.]

Hello everyone,

Seeking advice on what is the best area in N Illinois.

I live in Lake Zurich Illinois and I'm looking to purchase my first investment/brrrr strategy close by.   However in my relatively  short  research (last few months) it seems properties that I could afford near me are overpriced, overtaxed or has less than desirable tenants.   The numbers just don't work out.  Because of this I started to look just outside of my area such as Rockford /Beloit area. 

I would consider investing closer if I can find something similar or better.   This way I could  at least have a chance to see the brrr process or get my hands dirty.  I work full time so it would be difficult to brrrr with it being an hour and half drive.

 Any suggestions would be appreciated.  I'm still interested in the Rockford/Beloit or anywhere else (even turnkey) if it doesn't work out.  

 Thanks so much.

Goals:  Brrrr process/ Long term hold/rinse repeat     Short term:   Have an investment by June of this year.

Criteria:  

1) 50k-80k SFR property    

2) 10k-20k light rehab  (most $ is coming from my HELOC so don't want to over leverage)

3) $950 to $1200 rent (trying to avoid D tenants/sect 8 on first investment)

4) Cashflows $200 or more with at least COC ROI of 10%

Tom B

Lake Zurich Il