I am always on the lookout for neighbourhoods in the Chicago area with great long term potential. I want to acquire a few units for speculation to pass on to my children when I eventually kick the bucket.
Are you, biggerpockets Chicagoans, aware of any neighbourhoods that you believe will appreciate more than others? And for what reasons do you believe they will appreciate?
Northside: I like Edge water and Rodgers Park.
South Side: Fuller Park and Canaryville
West Side: anything east of Pulaski
My 2 cents :-)
@Seedartha Copital I am an investor and Realtor; however, I stay in DuPage and Kane counties just because that is where I am familiar with. I have an investor who just closed on a great deal in Chicago. I am following this post to educate myself! If you need an agent I have two amazing associates who only work in Chicago; I know they can help.
Look into Ravenswood and Lincoln Square areas. Some homes are new construction and in the $800,000-1 mil range and others on the block are older, need rehab work and are likely to appreciate in value given their lower acquisition costs and all the other gorgeous homes being built in the area.
Also, great elementary school district! Only 6 miles or so from downtown area.
@Seedartha Copital , I think the city has a number of great places to invest in! I like looking into neighbors that the city or large companies are looking to invest in. Reading the newspaper or Crain's Chicago Business, you'll hear about big investors coming in and move accordingly.
On the south side I like little village and on the north side I like Albany Park. Specifically the area around Montrose from California to Kimball. It's going to be tough to find a deal in Ravenswood and Lincoln Square right now.
@Ibn Abney why is Canaryville on your radar? I know the area but haven't heard anything to think it will appreciate.
@Mike B. combination of living on the city for over a decade (10 yrs ago it was a much different area) and distance to the city/lake.
Lets connects. Happy to share my thoughts and talk street to street.
For long term rentals I'd stay out of Chicago, and cook county if you can. Try DuPage.
Hi @Ibn Abney ,
I also think Fuller Park & Canaryville have great potential but I also think there are still great deals in Bronzeville. The area is closest to South Loop and in transition. They also still have a great deal of older homeowners and there will be a mass turnover in homes in the near future which will make for some great deals.
@Seedartha Copital Thanks for starting the convo!
I am not sure what property types you are looking for but my team and I focus on the north and Northwest areas of the city. 60618, 60622, and 66047 are really the ones we are working in a lot right now and many clients are looking in these areas for many reasons.
One being many of our clients are looking for a property that they can add value to, which means we are looking in neighborhoods that have had long term owners, and buildings that need work done. Two, because we focus on the multi family market, what are the rents after repairs, and what kind of cash flow can the property produce.
I believe every neighborhood brings it's own value, but things you can look out for are.... how accessible is public transit? how are the schools in the area? How are the businesses doing in the area? Are there any big changes that are going to be happening in that neighborhood? (Crains and curbed, can be a good resource for this)
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