Updated almost 5 years ago on . Most recent reply
Englewood Chicago IL
Anyone here familiar with the Englewood area in Chicago? I am looking to invest but not too sure about what to expect.
Most Popular Reply
I'm just going to provide some data regarding Englewood. If your objective is to flip Single Family Homes it's possible but difficult. Over the past year Regarding Englewood- Investing there depends on your goals. If you're going to flip Single Family Homes in the month of June there were 21 Single Families that sold for over $200K with a median market time of 71 days in Englewood and 28 days in West Englewood. When you compare this to other part of Chicago it's not a great area for flipping. The price points for resale are too low; days on market too long. If your objective is to buy and hold Single Families then it's a great area for that, but trying to manage it from afar will be tough.
If you're targeting small multifamilies for cash flow- you'll find lots of properties available for less than $100K. The challenge though is if you renovate the property you will find few if any sold comparables for more than $250K. So while it's a great area to buy for cash flow, it's still a risk proposition if your objective is to buy something on the cheap & renovate with the expectation of pulling money out from a re-appraisal.
Bottom line- You need to have a solid plan & support for your plan to invest in Englewood because the numbers are tight. You'll also need to invest in more than the property. You'll need to invest in developing a network of trusted individuals living in Englewood. Not just living in Chicago but living in Englewood