I'm trying to gather some intel on a property i have made an offer on. It is a 2 flat with a 3/2 and a 2/1. Currently rents are 1400 and 750 respectively. Ask price is 251K. Only utility to pay out of my pocket is water. All in the mortgage would be 1700 (including the escrow for taxes, pmi, and ins.) I like the opportunity because it is already generating small cash flows each month from the rent and is located within 5 minutes walk from the green line and 290. West loop is getting way too expensive and the westward expansion has to start moving towards EGP in my opinion. Rents have room to grow and the value has room to appreciate over the next 5-10 yrs. Is this a viable opportunity or am i trying to make the pieces fit where they don't?
How far East are you? I personally would not prefer this neighborhood unless you are really close to West loop maybe a block or two tops. This is well priced and not too discounted to take risk of neighborhood growth. My two cents. I work in West loop since 1995, and invest in Oak Park, Forest Park since 1996.
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