south Chicago rental

7 Replies


i have a question about a property in south Chicago, by W 52nd St and S Sangamon st

its a 4 unit building, 1 bedroom per unit. it needs a lot of work.  i'm wondering if i invested to fix up the place and make it very nice, and wanted to get better tenants, what would be the most i could charge rent in that area?  

I use for rent estimates. 

depends on your level of finishes. I suggest you look at other comps and decide your rehab budget/specs based on the #'s. Can range a bit based on finishes and if you decide to go the section 8 route.

best of luck.

$625 to $700 if no heat included. Up to about $750 if heat included.

And of course it depends on the apt finishes. Add maybe another $50 if they are finished really nice and have separate dining rooms.  But in that market price usually trumps nice. Price is usually the biggest motivator for that area.

I had an agent tell me that i could get $950-$1000 if done really nice. so i'm trying to get other opinions from the experts in that area. 

@Ronan M. I'm not happy with the property manager i currently have. so i had a different property manager/agent look at the property to see what my options are.

He said he could sell it for me as is, or i could put in 40k to make the place look very nice and then rent it out for $950-$1000 monthly. this price sounds a bit high to me for that area so i wanted to get some more opinions from others in that area.

For that area $950 to $1000 for a 1 bed is a stretch.

I'm a realtor in that very area. I live just on the other side of the highway. I just did a rental near Sherman Park. Renovated 1 bed $950. The South side is a gold mine when it comes to cash on cash returns. The problem is very low appreciation and valuations on IRR does not favor low appreciation areas.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.