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.
You might want to speak with a local property management company. They can be a wealth of great info in terms of what type of tenants to expect in a particular neighborhood.
@Daniel Hyman That is an excellent idea! Thank you!
I’m on the phone now with a PM and I’m getting a WEALTH of knowledge.
@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.
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