Getting up to speed on Chicago's many neighborhoods

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Getting up to speed on Chicago's many neighborhoods

Svend W.Pro Member
Member since 2018 · 78 posts · 31 votes

Hi all

Chicago has so many neighborhoods!

Does anyone have particular tips on getting up to speed on this from a REI perspective? Are there any particular resources that you'd recommend to newer investors trying to educate themselves?

Thanks in advance.

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Tan Su
Real Estate Broker · Chicago, IL · Member since 2018 · 54 posts · 13 votes
4y

Personally invested heavily in the far north side - Uptown, Edgewater. All coming up. 

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  • Tan Su
    Real Estate Broker · Chicago, IL · Member since 2018 · 54 posts · 13 votes
    4y

    Personally invested heavily in the far north side - Uptown, Edgewater. All coming up. 

    1Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    4y

    @Svend W. you are correct that Chicago is huge and offers so many different types of neighborhoods to invest in. I would start with the end in mind. Where do you live, and how far do you want to drive in order to invest in a neighborhood? There are a lot of great neighborhoods where I won't invest because I am not interested in the drive time. I would start 15-20 minutes from home if I were you. 

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  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    4y

    @Svend W.

    I like using Niche.com for a general overview of each neighborhood. https://www.niche.com/places-t...

    I've found the letter grades they give for different neighborhoods are pretty accurate.

    1Reply
  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    4y
    Originally posted by @Svend W.:

    Hi all

    Chicago has so many neighborhoods!

    Does anyone have particular tips on getting up to speed on this from a REI perspective? Are there any particular resources that you'd recommend to newer investors trying to educate themselves?

    Thanks in advance.

     You'll get lots of opinions on the forum on what the best neighborhoods re for investments. My recommendation for research on Chicago's 77 areas is a service like info sparks. You'll find an example analysis here: Months Supply. This service can provide you with months supply in neighborhoods, sales price, market time...... It's limited to what sells on the MLS but that's usually a good indicator. You'll have to work w/ a realtor for access to this data.

    Another good place for research is CBRE  for Commercial Real Estate or or CRAIN's Business.

    312-681-7487
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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    4y

    @Svend W. - My best recommendation is to find an investor-focused realtor (Like the others who comments above and @Tony Freeman) who knows all the neighborhoods.

    Any agent who is at the top of their game is going to have a pulse on all the different neighborhoods and which direction they are headed.

    Also, and maybe more importantly, what are you looking for as an investor?  Cash flow, appreciation, single families, multi, etc. That might be the biggest determining factor in where to look.

    [email protected]
    Quality Builders4.966 Reviews
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  • Svend W.Pro Member
    OP
    Member since 2018 · 78 posts · 31 votes
    4y

    Thanks @Tan Su. Thats great to know. My current property is in Evanston, so I'm definitely interested in those neighborhoods.

    @John Warren That's a great point. Driving time is likely to be such an important factor in your success long term.

    I wasn't aware of Niche.com, @Paul De Luca. Thanks!

    I will check out Months Supply, too. Thanks, @Crystal Smith!

    Yes, @Jonathan Klemm I suppose if you need to ask this question in the first place the most important part will probably be finding a good REI-savvy realtor who knows the market.

    I know this is a small part of it, but for those interested in neighborhood maps, here are some decent printable color ones that I found. I especially like ones that include street boundaries.

    https://www.chicago.gov/conten...

    http://afp-cv.blogspot.com/201...

    https://chicagomap360.com/chic...

    https://lucidrealty.com/images... [add '.jpg' to the end of the URL]

    2Reply
  • Michael K.
    Investor · Chicago, IL · Member since 2018 · 352 posts · 176 votes
    4y

    @Svend W. You are right about this. There are a ton of neighborhoods and the boundaries are frequently not well defined and at times might feel arbitrary. I do like Infosparks ( i have access to it through the MLS) and generally, it's the first resource I go to when checking out a new neighborhood or trying to determine if a property is priced appropriately. That said, looking over a bunch of data charts can be dizzying, and easily forgettable. I suggest picking different neighborhoods to go for a run in. If running isn't your cup of tea then try biking around new neighborhoods to get a feel for them. Go out for lunch/dinner/breakfast in different parts of the city. It will take some time but you'll start to get a feel for the areas.

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  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    Following!

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  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    Albany Park is my top pick right now. Trendy bars popping up and close to the train. Also irving park, edgewater, rogers park are great. My 4 unit in rogers park rents have steady increased $75 a unit a year since I owned it which adds up with 4 units. I also look at what single families are selling for in area and where they are building. All over albany park and west edgewater they are building more and more now. 

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