Question- condo to apt conversion- Chicago N. Center/Roscoe V.
Question for Chicago area investors. Someone I know has a condo in North Center/Roscoe Village area, good street, nice 3 unit building. Estimated ARV 400k- 600k. It just so happens all 3 owners ready to move, one of the owners is a real estate attorney. He is suggesting that they all sell together to an investor, claims that there are a lot of investors looking for deals like this where they can convert nice condo buildings into rentals. Just curious if he is on the right track with that thinking? The owner I know is open to idea, and worried about competing with the other condos if she goes alone. Any thoughts from investors who know the market would be appreciated. I should also note this is not a building where much appreciation could be forced- all three condos are in good shape/well updated. Is there truly a demand for this type of turnkey building?