Investing in Carbondale Illinois

6 Replies

I am exploring Carbondale IL for multi family Investment and lookin for some feedback.  I know area around SIU may be something to look into. Are there any other specific areas/pockets I should focus on for strong rental demand or avoid for that matter ?  I am also looking for Brokers and property managers who are actively working in Carbondale. Any references will be helpful.

@Charanjit Singh I live in the area again and I am familiar with some of the locations and properties.    Send me a PM if you want me to do anything for you here locally.  I can track down a few property managers pretty quick and know some 40+ units for sale if you are looking that big (use reddfin). 

Areas are tough because enrollment is down and they have built several large new 200+ unit complexes in the last few years.  

@Erik Perks I am also interested in the Carbondale market and looking at a few deals. I come from Cape Girardeau area and have been invested here for a few years now. What would you say the vacancy in Carbondale area hovers around?

Stephen I can’t quantify that very easily with the information I get to but I would say with decreased in enrollment and increases in number of available units.

Any way you want me to help quantify that to arrive at a %?

Erik

Most of the colleges here in Illinois have seen a decrease in enrollment. Everyone has been scared the crazy state was never going to put a budget together and eventually the schools were going to have to shut down because they had no money coming in.

So this may very well be a good time to buy as some landlords in college towns may have seen a decrease in vacancy and might be spooked.  It would seem logical that enrollment will pick back up again now that we're operating under a budget. And that may be enough of a blip to pick up some really nice deals.

Welcome to Southern Illinois. We meet 10 miles away on the second Tuesday of the month.

@Stephen Scott I may not have been able to help with a true vacancy rate but if there is anything I can being local to Carbondale let me know.

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