East Garfield (Chicago) Prospects
Hi everyone, I wanted to ask investors what they think of East Garfield in terms of safety, appreciation, tenant quality and overall outlook as a neighborhood to invest in.
I found a property that cashflows $1,500+ in East Garfield but the safety of the neighborhood concerned me. But this is an EXECLLENT DEAL that I regret passing on, so I wanted to get people's thoughts on what they think of investing there.
Has anyone invested here for 2-4 unit multi-family buildings?
Most Popular Reply
East Garfield is interesting as it borders one of the hottest areas in Chicago, The West Loop. It's an area worth monitoring closely for deals if the property is near Western. We've owned property there & have a client that owns 3 or 4 properties there that he rents by the room to University Students. All of the properties are within 1/4 mile of Western. Does stuff happen in the neighborhood, yes. But the buildings are never empty.
Our criteria for East Garfield: 1. The closer to Western the better. 2. no other vacant building on the block unless we can pick up that building too. 3. If possible provide extra security on the building (Gates, parking garage,...) 4. No one dealing on the corner. How do you figure that out? Ask questions. 5. Naturally- Will the property cash flow. The CHA contracts are good ones if you maintain the property. 6. We don't bet on appreciation in East Garfield but I repeat, the closer you are to Western the better.