Commercial Property in smaller towns?
Hello everyone, This is my first post after joining this site. Currently I don't own any properties (besides the one I live in) and I'm looking to get my first deal. I do currently have 50k in home equity which I plan to use for down payments and some repairs on my first property
My question is, is it profitable to purchase commercial real estate to be used as a rental property in smaller towns? The town is a 33 minute drive from downtown Chicago.
This is what I'm looking at:
https://chicago.craigslist.org/sox/reo/d/mixed-use...
Additional pictures of inside:
http://www.inexpensiveproperties.com/index.php?act...
What I like about this property:
is that it has seller financing which could get me in the game sooner (without using my personal credit).
In addition, it has the possibility to rent out to 4 different tenants. 2 residential upstairs and 2 commercial downstairs.
The annual taxes seem low.
What I don't like about the property:
Location (possibly, but that's why I'm coming to everyone on the forum for advice)
Possible costly repairs to fix the upstairs units, the bones look good from the pictures but I understand that it would need an inspection from a professional to assess things like the roof, electrical, plumbing, etc.
Any advice is appreciated.