Whiting IN?

Question

Considering in the next year buying a duplex or triplex in Whiting IN and renting out the other units while living in one for free and hopefully still cash flowing a bit. Any issues or concerns with this area? Good purchase price per unit? Another area I looked at that has some duplexes under 100k is Humboldt Park in Chicago about 5 minutes west of where I live now (Wicker Park) but unsure of the safety aspects/tenant quality? Seems it is very block by block and could either appreciate or depreciate. Would not want to live anywhere I could not safely walk dog at night, etc.

I drove through the Whiting area last week and by the water it looked very nice. Lots of newly rehabbed houses. Beach in walking distance. Only 20 minutes or so to city.

I drove through the Whiting area last week and by the water it looked very nice. Lots of newly rehabbed houses. Beach in walking distance. Only 20 minutes or so to city.

Steve F. · Answer

I have seen some CRE in this area also.

@Andrew Goodwin would you be able to chime in regarding the Robertsdale neighborhood within Whiting?  I've seen some properties pop up here also.  I see most 1BD/1BA rentals for for $550-$750, which is a large range.  Would love to know your thoughts.

Andrew Goodwin · Answer

@Steve Franco Not sure if you can still see the photos, but the address of the rental is 1640 Lake Avenue, Whiting, IN.

Andrew Goodwin · Answer

@Steve Franco good afternoon! My wife and I just purchased a second SFH in Whiting/Robertsdale that we're in the process of updating/renovating (mortgage is $400/month). Should be finished in the next 2 weeks... our new tenant moves in June 1st... so everything will be done by then.

The original flip I purchased (1 bed/1.5 bath, but it's honestly closer to a duplex studio, 980sqft) we ended up renting out for $1100/month, with the tenant paying all utilities except for lawn care, which I will do, or I know a guy that will do it weekly for $70/month. We had about 8 showing requests in the first 48 hours, so we were able to pick a good tenant.

So, to get back to your question, yes, I'd say the average 1 bed rental would get about $700-900/month in rent, but I believe there's an untapped need for more renovated apartments/homes that young professionals are seeking. We really pushed the envelope with our asking rent, but it paid off. I honestly thought we'd only get about $1k, but my wife convinced me to try the higher price.

Andrew Goodwin · Answer

@Rhonda Willock I actually bought my current residence in Whiting, IN for $20k about 5 years ago, rehabbed it (down to the studs) myself, all new plumbing and electric. It's been working for my wife and I, but we're looking to move into a 3-4 unit building closer to downtown next year.

Be aware that the houses in Whiting are very old. My house was built in 1921 and contained knob and tube, large and plaster walls, and galvanized plumbing throughout most of it.

Knowing this, it's a very desirable area for those who live in the surrounding areas, and downtown area is revitalizing every year. It has it's own brewery (Bulldog), a craft beer bar, the Mascot Hall of Fame, and escape room opened here this year.

The houses here will need more work that just your basic flip, but a lot of the newer construction is being sold for upwards of $225k-$250k. There's also a completely new development in Whiting near Calumet College being built which is being billed as "luxury" homes. I'm watching these developments very carefully and driving by weekly to see how they are progressing.

I felt like this was going to be a really short post when I first started writing this... but somewhere along the lines I ended up writing a short story... 😂😂

If you have any other questions let me know!

Rhonda Willock · Answer

@Henry L. I was just wondering if you ended up purchasing in Whiting. It is 2019 now and I have been researching the area and am excited to hear how your venture went. Thanks! Rhonda

Account Closed · Answer

@John Mathewson You did a flip here right? What did you think of the area did you guys ever look at rentals here?

Whiting IN?

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