Duplex in Galesburg, IL

13 Replies

I am looking at a duplex on E. Knox Street in Galesburg,IL. Does anyone out there have any feedback on this area or owning rental properties in general in Galesburg? Is this a part of town that will be more difficult to manage tenants? Is there a part of town that is better for rentals? 

Anyone with any experience in the Galesburg area your feedback would be GREATLY appreciated. This could potentially be my first rental property and I would hate make a huge mistake. 

Thank you! 

@Kim Herrick One of my agents has family from the area and goes there fairly frequently, so I asked him about the city once I saw your post title. Paraphrasing below.

Galesburg is and has been economically depressed for some time. He said that there's Knox College, which hopefully the property is next to, but beyond that there's a lack of growth elsewhere in the city. The area was a big rail hub but traffic has been declining there. Your best bet would be to hope to provide student housing, most likely.

That's hearsay, and I haven't been there personally, but he'd mentioned the city multiple times when he goes to visit and his family has been there since the 1970s, and that's what he was told when they've discussed the area. 

Local PMs may paint a different picture, but take the city's economic health as a whole into consideration if it's not near you.

Thank you @Peter MacKercher  the pm’s were not painting a pretty picture. ALOT of them are not even in the business anymore. Nobody wanted to say what you said about the city being economically depressed but they all eluded to that. Thank you for confirming this for me, I really appreciate it!

The property is less than a mile from the college but I don’t know how many students I would realistically get. Back to the drawing board. 

@Ryan Valdez

I talked to Mr. Wilcox a couple times. He was helpful and willing to answer questions I had about the market. He said he would be willing to manage properties for me. He is the only person I know of that openly manages third party properties.

https://m.facebook.com/wilcoxpropertymgmt/

Rumor has it that some of the real estate agents will manage for people, but I haven’t really asked around. It might be worth a little time to call around to the various broker offices in town and ask.

I called several PMs in Peoria and Moline. Most didn’t want to service Galesburg. One told me they would consider it if I brought a large enough portfolio.

@Ryan Valdez

I live in Galesburg now. I decided to self manage. This is my first property without a professional PM. I have learned that I’m not a very good PM. So that’s a valuable lesson for the future.

As a side note, if you haven’t purchased yet, I recommend avoiding the old Victorian houses. It’s difficult to find licensed/insured people to work above 12’ off the ground here. Getting new gutters is no problem. Getting someone to repair two pieces of soffit is difficult.

Also, if you are buying from a local landlord, be prepared to deal with a high level of deferred maintenance. So price that in.

Good luck!

@James Feely I am new to being a participating member here at Biggerpockets and I am from the Galesburg area. Is there a meet up around here that you know of? Also what does your portfolio look like over in Galesburg if you don't mind me asking? Would like to connect with other small town investors.

I too am new to bigger pockets and am considering a rental in Galesburg, but the lack of PMs is a little concerning since I will be an out of state investor. If anyone has any experience with being out of state and holding properties here I would be interested in hearing from you.

I too am new to bigger pockets and am considering a rental in Galesburg, but the lack of PMs is a little concerning since I will be an out of state investor. If anyone has any experience with being out of state and holding properties here I would be interested in hearing from you.