Considering investing in multi-family in the Woodlawn area of Chicago. Anyone have good experiences / bad experiences in this area? There is information online about the new Obama presidential library that will be placed nearby and the closeness of the area to Univ. of Chicago. Are these really legitimate reasons to expect appreciation? The population has fallen drastically since the the 60's when there were 80,000 residents in the area.
Where in Woodlawn? The south side is often very block specific.
@ Jeff Burdick - North of East 63rd St., East of S. Martin Luther King Dr., West of S. Woodlawn Ave., and south of E. 60th.
@Jeff Burdick (the @ sign in my last post did not work right)
Are you in the area? I was going to recommend you drive around especially night time to get better feel for it. I used to live not so far away and it is like others in this forum said...it really depends on the block. 63rd is a busy street and there are plenty of buses around so commute isn’t so bad either. I can run some comps for you if you’d like!
@Ryan Fox a lot of section 8 rentals
@May Pardo - Thanks for the advice. I actually just got back home to CA after taking a trip out there. I'm in escrow on a duplex in the area, but the inspection showed a lot more issues than I had expected. Also, I wound up on a marginal block. It seems to me like it's all an issue of getting the numbers to work right accounting for future costs I'd have to pay and not anticipating appreciation.
@Ryan Fox Are you having an appraisal done too? Hope those issues aren’t too expensive to fix.
@May Pardo - Not sure this deal is going to fly. They are going to have to reduce the price significantly for the numbers to work. I did look extensively at the listings on the market and recently sold homes.