Recs for multi family properties around $200-250K

[Taylor Wisnewski]

What are the best cities/neighborhoods for finding multi family properties about $200-$250K that are in good condition and cash flow with today's numbers? I'm located in the Chicago suburbs and the only properties I've been able to find like this are in not-so-great neighborhoods. My goal for 2023 is to acquire 2 multi family properties (2-3 units each) that cash flow $700-$1,000 each after PITI and management fees. It would be great to find 2 in the same or close neighborhoods. I'm okay with some minor repairs right off the bat, but I don't want to have to do kitchen and bath remodels to get them rented.

I've seen others suggest Memphis, Kissimmee, Indianapolis, and Columbus. I do see some good options here that I'm looking into, but does anyones have specific neighborhoods or counties they would suggest? Online research only goes so far and I'd like to hear from others who are actually invested or work in these areas. Maybe some up and coming neighborhoods that don't have great stats at the moment. 

[Jonathan Klemm]

hi @Taylor Wisnewski - I think a lot of us are looking for that needle in a haystack too.  Finding something that is cash flowing $700-$1000 sounds unlikely unless you are putting down 50% or something crazy.  What type of loan are you trying to get?  Are you okay with doing some rehab?

I personally think Chicago and/or some of its suburbs have the property type you are looking for they are just difficult to identify.  Personally, I like some of the western suburbs like Cicero, Berwyn, and oak lawn.  

Also, a great place to check out would be NW Indiana.  Connect with @Eudith Vacio who's an investor-focused real estate agent and helps a lot of investors find the properties you are looking for. 

I always happy to connect as well to talk through your plan if that'd help.