Rental Property Investor · Canton, MI · Member since 2014 · 2 posts · 0 votes
Hey all - long time reader, first time poster.
Wondering if anyone would be willing to share experience in the Hyde Park area near UofC. Looking at apartments/condos in that area (say 2 bed) they seem very reasonable. Comparing similar rentals in the area and doing some rough numbers I think I could cash flow one...but I'm wondering if anyone has had experience renting places out in that area?
Is it hard to find renters? Is the need for renting cyclical based on UofC students in school?
Also be sure to read association guidelines. Mine only allows 20% of the units to be leased at any one time and there's a waiting list. Even if you buy a unit that is tenant-occupied, you get pushed to the waiting list when you are a new buyer. Also my association does not allow leases that are less than a year long. I've held onto the apartment I lived in while at the University of Chicago since we bought it in 2006. We bought it when prices were very high and the interest rate was insanely high. It literally lost half of its value after the crash. I was never able to refinance, and the apartment never cash flowed because of that and the association fees. The positives is that the area is great and I've been able to find tenants without any trouble for nearly ten years! I have had a mix of people, including graduate or undergraduate students and professionals. Good luck!
@Brian Schultz Hyde Park is a great area. Grade A to B+. Check out kenwood, east woodlawn, and bronzeville as well. Values are a little lower to similar but rents are just as high.