I just contracted to buy another 2-Flat in Forest Park, IL.
Properties in this area are hot. I lost two foreclosure deals in the same week despite of bidding above the price. This one was listed for 184000, I bid 176000 right away. Bank asked me to up my bid, I offered 180000 and they accepted. This area appreciates well and it is a big 2-flat. Minimum expected total rent is $2800, and work needed is cosmetic. Deals are harder than ever to find. A few years ago, this would have a hard time selling for 140000, 150000, but currently I am very happy with the deal. My motto is to buy cash flow plus appreciation, in A- areas at least. All nine properties (2-Flats, Condos, SFH's, Townhomes etc.) that I own are within 1.5 miles of my primary residence in Oak Park, and I could walk to each of them. BP has been a great resource. I am planning next buy next year and this will be commercial at least a 6-unit, I will be asking BP pros about mortgage qualification requirements.