Multi Unit Purchase Chicago 60622 (East of Humboldt Park)

Real Estate Consultant · Miami FL · Member since 2020 · 36 posts · 7 votes

Good morning,

I'm new to the area of Chicago and will be purchasing a multi unit on W Potomac in the 60622 zip code. I will appreciate any information , updates or details pertaining to the area. I'm open to all forms and types of information. I know the area has not had great history in the past but has been changing the last couple of years with large investments in the area and positive growth for the best.

My deal is 1 mil and possible returns of 8.4K monthly with zero down. After operating and PITI - cash flow of $600.00 usd per month.

The numbers are solid but I just want to make sure the area is solid also. Again any information will be great.

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Michael J Scanlon
Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
5y
@Sean Byrd
Potomac east of humboldt is an awesome area. I imagine it was a VA loan? If it were a traditional purchase, the numbers would all change but $600 cash flow with $0 down plus principal paydown on a building of that price is still very solid.
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Sean Byrd
OP
Real Estate Consultant · Miami FL · Member since 2020 · 36 posts · 7 votes
5y
Originally posted by @Michael J Scanlon:
@Sean Byrd
Potomac east of humboldt is an awesome area. I imagine it was a VA loan? If it were a traditional purchase, the numbers would all change but $600 cash flow with $0 down plus principal paydown on a building of that price is still very solid.

Thanks for the speedy reply. Yes the VA loan and we both those numbers it should be 36 month for my EMD to return. Overall still good but I'm just worried about the area. I know across the tracks there is drama.

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Jonathan KlemmBusiness Member
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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
5y
@Sean Byrd - Don't be worried about the neighborhood at all. Anything around Humboldt park is a great long-term play.
I feel like I know the building you may be purchasing, is a 4 unit just off California?
I'd definitely move forward that area is doing nothing but getting better.
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Sean Byrd
OP
Real Estate Consultant · Miami FL · Member since 2020 · 36 posts · 7 votes
5y
Originally posted by @Jonathan Klemm:
@Sean Byrd - Don't be worried about the neighborhood at all. Anything around Humboldt park is a great long-term play.
I feel like I know the building you may be purchasing, is a 4 unit just off California?
I'd definitely move forward that area is doing nothing but getting better.

It is close by this area but not that one property. I checked it out but was not sure. What do you think about that property just off of California? The building is nice but the price is very high concerning the numbers. The location and the area is the part I was not to sure about due to the drama down the street in public housing. I'm thinking possibility taking the direction of Evanston if the property in 60622 does not work out.

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