New Investor Considering Elmwood Park

9 Replies | Chicago, Illinois

Hi everybody!

I'm new to the forum, but I've been greatly interested in real estate investing for the last year or so. I've been searching for a 3 flat in the North Chicago/west suburbs and have narrowed it down to Elmwood Park. I grew up in the area and moved to other suburbs around elementary school, and it really seems to have improved into a great looking neighborhood. 

Specifically, I'm looking for a 3 flat built in the 60's that has 2 - 3 bedroom units with 1.5 baths and ideally a 2 bedroom garden unit and my budget is 450k but my mind is open to ideas. These buildings seem to be typically in good shape, demand good rents, and also someplace I would want to live in for a while as I would be occupying it. 

I would like to hear any advice or thoughts on the area, and would be more than happy to meet up with a local investor, in which case I would be asking hundreds of questions. 

@Michal Kolenda welcome to the forums! Elmwood Park is a great area to live and invest. The rental stock is strong, the tenant pool is good due to the solid schools, and the proximity to Chicago is great. Let me know if you want to catch up sometime off line as I live and invest locally. 

Originally posted by @Michal Kolenda :

Hi everybody!

I'm new to the forum, but I've been greatly interested in real estate investing for the last year or so. I've been searching for a 3 flat in the North Chicago/west suburbs and have narrowed it down to Elmwood Park. I grew up in the area and moved to other suburbs around elementary school, and it really seems to have improved into a great looking neighborhood. 

Specifically, I'm looking for a 3 flat built in the 60's that has 2 - 3 bedroom units with 1.5 baths and ideally a 2 bedroom garden unit and my budget is 450k but my mind is open to ideas. These buildings seem to be typically in good shape, demand good rents, and also someplace I would want to live in for a while as I would be occupying it. 

I would like to hear any advice or thoughts on the area, and would be more than happy to meet up with a local investor, in which case I would be asking hundreds of questions. 

 Welcome Michal.  Elmwood Park is a great area for the reasons you listed, but I'd open up your parameters a little bit.  IMO, most of the northwest side also has the criteria you listed.  I'd add Portage Park, Jefferson Park, Albany Park, Irving Park, North Park, Dunning, Norwood Park.  

Originally posted by @Joe Mende :

Jeff Burdick , this is mostly contingent on if a child is accepted into a selective enrollment school. CPS neighborhood schools are not of the same caliber.

 This is not universally true.  Some of CPS' neighborhood schools are among the best schools in the state.  

Originally posted by @Jeff Burdick :
Originally posted by @Joe Mende:

Jeff Burdick , this is mostly contingent on if a child is accepted into a selective enrollment school. CPS neighborhood schools are not of the same caliber.

 This is not universally true.  Some of CPS' neighborhood schools are among the best schools in the state.  

 It's not universally true, but it's pretty close.  I happen to work at one of the top neighborhood high schools in the state.  If you look at the list of top high schools in the state, the neighborhood schools start in the 20s.  All those schools in the top 10 are selective enrollment.

Originally posted by @Joe Mende :
Originally posted by @Jeff Burdick:
Originally posted by @Joe Mende:

Jeff Burdick , this is mostly contingent on if a child is accepted into a selective enrollment school. CPS neighborhood schools are not of the same caliber.

 This is not universally true.  Some of CPS' neighborhood schools are among the best schools in the state.  

 It's not universally true, but it's pretty close.  I happen to work at one of the top neighborhood high schools in the state.  If you look at the list of top high schools in the state, the neighborhood schools start in the 20s.  All those schools in the top 10 are selective enrollment.

 I've taught in CPS for the last six years.   I was talking more along the lines of elementary.  HS is different and CPS is unique because you generally apply to high school.  There are a lot of extremely highly ranked elementary schools that are neighborhood schools...Bell, Blaine, Burley, Lincoln, Agassiz, etc.