Chicago Neighborhoods

Buying & Selling Real Estate
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Chicago Neighborhoods

Ryan Boren
Rental Property Investor · Park Forest, IL · Member since 2016 · 52 posts · 15 votes
Hey BP, I was wondering to hear from someone who is familiar with the Chicago market. I live 30 minutes south of the city and have been hearing there are very good deals in Chicago, but you have to purchase in the right neighborhood. I am interested in multi family rental properties and fix and flip. Any help would be much appreciated. Thank you, Ryan B.
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Soh Tanaka
Property Manager · Lindenhurst, IL · Member since 2016 · 854 posts · 506 votes
9y

@Jeff Valentino  I think you meant Chicago is tenant friendly, not landlord friendly. Or I'm missing something here.

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  • Marqueen Robinson
    Flipper/Rehabber · Chicago, IL · Member since 2016 · 15 posts · 4 votes
    9y

    Hi I would say there is no such thing as the right neighborhood. But you have put your ear to the streets and listen to the chatter contact some Realtor in the chicago area and as them Iwould say check out Englewood and bronszville 

    0Reply
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    9y

    @Ryan Boren , I moved out of Crete before I really got into real estate, so I'm not sure the multi market in the south burbs, but what's wrong with Park Forest and Richton Park? My sister lives in Tinley, and there are some pretty great deals there, too. The Tinley Park high school district is lower priced than the Andrew district - and Andrew is more desirable of course, but there are plenty of renters who don't have kids in high school so they don't care about the districts.

    Tagging @Jeff Valentino  for more south suburb info.

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    1Reply
  • Jeff Valentino
    Residential Real Estate Broker · Winston Salem, NC · Member since 2011 · 345 posts · 120 votes
    9y

    Thanks @Mindy Jensen !

    Hey there @Ryan Boren. I work mostly in the South Suburbs and have some partnerships for the city itself. Chicago is really landlord friendly, so I recommend if you are newer to really understand the laws before investing there.

    Good news is in Park Forest you are near some good areas in the South Suburbs. It kind of depends on your risk tolerance and goals. Tinley and Oak Forest are great for fix and flips and rentals. Homewood, Hazel Crest, CC Hills are too. I own some rentals in Matteson that perform really well and have partnered on some flips there as well. 

    I stay away from Park Forest myself. It has some of the highest levels of inventory in Chicagoland, so I find much better deals just a few minutes away.

    I'm in these areas almost everyday, so if you have specific questions let me know. Good luck!

    0Reply
  • Jeff Valentino
    Residential Real Estate Broker · Winston Salem, NC · Member since 2011 · 345 posts · 120 votes
    9y

    Oh, some hotter parts on the south side of Chicago are Auburn Gresham, W Pullman and Washington Heights.

    1Reply
  • Lumi Ispas
    Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
    9y

    @Ryan Boren, you are asking a great question. It all depends on your price point and type of property you are buying. 

    0Reply
  • Linda Govan
    Real Estate Investor · Chicago, IL · Member since 2013 · 57 posts · 17 votes
    9y

    Hello Ryan,

    If your interested in finding some off market properties I'm your lady.  I find rehabbers fix & flips projects.  If you interested in receiving some emails; no spam by the way just shoot me a message.

    Happy Investing to you

    1Reply
  • Patrick Bushman
    Investor · Chippewa Falls, WI · Member since 2016 · 13 posts · 1 vote
    9y

    Hi all, sorry to hijack the thread momentarily, but I am an out-of-state owner with a property (3/2 SFH) in University Park. I haven't been happy with the management, so I'm looking to make some changes. Ideally, I'd like to find a new property manager to handle things better than the last one, but if it comes down to it I'd be open to selling at this point and deploying the capital closer to home.

    Can anyone recommend a property manager who works in the University Park area?

    Secondarily, any recommendations for a selling agent in the area?

    Thanks!

    0Reply
  • Alex Bok
    Real Estate Agent · Chicago, IL · Member since 2016 · 283 posts · 71 votes
    9y

    South suburbs and south chicago are great markets to flip and build rental inventory. Have been doing so for the past couple years. They are in the most abdundance of all chicago imo. Lansing, South Holland, Richton Park etc

    2Reply
  • Brandon Griffin
    Real Estate Professional · California, MD · Member since 2016 · 35 posts · 8 votes
    9y
    Originally posted by @Patrick Bushman:

    Hi all, sorry to hijack the thread momentarily, but I am an out-of-state owner with a property (3/2 SFH) in University Park. I haven't been happy with the management, so I'm looking to make some changes. Ideally, I'd like to find a new property manager to handle things better than the last one, but if it comes down to it I'd be open to selling at this point and deploying the capital closer to home.

    Can anyone recommend a property manager who works in the University Park area?

    Secondarily, any recommendations for a selling agent in the area?

    Thanks!

     Sorry for not being any help, but who is your property manager?  I'm vetting for a Chicago multi by the end of the year.

    0Reply
  • Soh Tanaka
    Property Manager · Lindenhurst, IL · Member since 2016 · 854 posts · 506 votes
    9y

    @Jeff Valentino  I think you meant Chicago is tenant friendly, not landlord friendly. Or I'm missing something here.

    3Reply
  • Jeff Valentino
    Residential Real Estate Broker · Winston Salem, NC · Member since 2011 · 345 posts · 120 votes
    9y
    Originally posted by @Soh Tanaka:

    @Jeff Valentino  I think you meant Chicago is tenant friendly, not landlord friendly. Or I'm missing something here.

     Yikes! Yes I meant tenant. 

    0Reply
  • Mark Hafeli
    Residential Real Estate Broker · Chicago, IL · Member since 2013 · 64 posts · 17 votes
    9y

    So many options Ryan. I feel that many neighborhoods on the Northwest side are strong candidates for flipping and buy/hold. Hard to find a good buy/hold without adding a value-add component to the deal in today's market.

    0Reply
  • Dorothy Wulf
    Chicago, IL · Member since 2016 · 165 posts · 49 votes
    9y

    Hi Ryan!

    Welcome to BP!  I am a Realtor for 10 years in Chicago.  I work with buyers, sellers, developers and investors. I would be happy to talk to you about your search and your goals.  Feel free to PM me.

    Take care,

    Dorothy

    0Reply
  • Mike Nelson
    Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes
    9y

    Personally, I like Forest Park (not to be confused with Park Forest), which is next door to Oak Park.

    0Reply
  • Henry L.
    Chicago, IL · Member since 2016 · 18 posts · 1 vote
    9y

    Stay away from Park Forest if you are trying to flip. Low Property values, high property taxes, and an abundance of inventory. It is a good area to do Rentals. 

    Richton Park have some areas like Park Forest but you can find some gems in the more developed areas if you are patient and diligent. 

    Matteson is a good area for Buy and Hold, Flipping and/or Renting. 

    You can get some great MF in Chicago Heights

    (In my opinion) Crete and Steger you are starting to get off the reservation a but and finding many people wanting to move out that far can sometimes become challenging.

    0Reply
  • Danny Duran
    Rental Property Investor · Mars, PA · Member since 2014 · 92 posts · 36 votes
    9y

    @Ryan Boren are you buying with cash or traditional financing?

    The best flip deals require quick closes with cash or hard money. 

    @Linda Govan I only buy in the north an northwest sides (cash and hard money). If you get off mkt deals in those areas please send to me. 

    0Reply
  • Elbert D.
    Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
    9y
    Linda Govan yes can you send some deals as well. I tried to PM you but can't for some reason.
    0Reply
  • Erica Rodriguez
    Oak Park, IL · Member since 2017 · 14 posts · 7 votes
    9y
    I'm bumping this thread because I'm curious what people thoughts are on the area surrounding the Garfield Park Conservatory? I've had my eye on that neighborhood for a couple months because of the plethora of old grey stones. I've passed every day on the Green line for about 5 years. It is very slowly gentrifying...
    0Reply
  • Lumi Ispas
    Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
    9y

    @Erica Rodriguez , great observation. East Garfield Park neighborhood is changing very fast due to proximity to Downtown, train stops, and I290. I have several investors buying in the area. Let me know if you'd like to talk more about it.

    2Reply
  • Chino Santos
    Forest Park, IL · Member since 2017 · 13 posts · 0 votes
    9y
    Originally posted by @Mike Nelson:

    Personally, I like Forest Park (not to be confused with Park Forest), which is next door to Oak Park.

    Hey Mike! 

    I'm new to Bigger Pockets and real estate investing in general. I was contending for a place in Hannah St in Forest Park but they got an offer a day after it hit MLS. I was wondering if you'd like to grab a coffee and just chat about your thoughts on REI?

    0Reply
  • David Walls
    Investor · Chicago, IL · Member since 2014 · 81 posts · 35 votes
    9y

    Hello @Ryan Boren and all other Chicagoland investors! 

    Ryan I've wholesaled a few properties lately and investors are starting to ask me more about the South Shore, East Garfield Park, Humboldt Park, Chatham neighborhoods. I'll connect with you and send you anything that fits your criteria as I get it. 

    I would also love to connect with everyone else on this thread! Feel free to reach out to me. 

    2Reply
  • Warren Edward
    Lithonia, GA · Member since 2017 · 7 posts · 0 votes
    9y

    Hi All,

    any opinions on Brainerd?  I was wondering if it a decent area to commute to work from? What do you think 3 bedrooms would rent for approx?  I am not from Chicago so I am trying to learn this market, it is so big!

    thanks

    0Reply
  • Jeff Burdick
    Investor · Chicago, IL · Member since 2016 · 515 posts · 247 votes
    9y
    Originally posted by @Lumi Ispas:

    @Erica Rodriguez , great observation. East Garfield Park neighborhood is changing very fast due to proximity to Downtown, train stops, and I290. I have several investors buying in the area. Let me know if you'd like to talk more about it.

     I used to have to go to East Garfield Park frequently for my W2 job and was amazed by how many boarded up beautiful greystones were there.  This was a couple of years ago, I'm curious as to what changes you've seen in the neighborhood?  

    0Reply
  • Erica Rodriguez
    Oak Park, IL · Member since 2017 · 14 posts · 7 votes
    9y

    @Jeff Burdick

    I'm simply observing from perspective of Lake Street while I travel past on the EL :) I'm sure @Lumi Ispas will have some more concrete insights.

    My observation: I'm seeing more and more middle to upper middle class looking people get on or off at the Conservatory Central Park Drive stop. I'm seeing less bums congregating in the park (winter might be a factor)

    If you "drive around" the park with google street view you will see some new builds and rehabs

    2Reply
  • Lumi Ispas
    Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
    9y

    @Jeff Burdick , a lot of homeowners are buying single family homes and two-four flats that they actually occupy. A neighborhood is changing as the percentage of homeowners increases. As you know homeowners improve neighborhoods through pride of ownerships, calling Police if needed, watching the streets and calling on the Alderman when they want more services, etc.

     Second change is that builders are starting building again.

    These two changes combined with the location, just 15 min from Downtown (driving distance), proximity to highway and couple train station makes the neighborhood very desirable.

    3Reply
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