Investing in West Lawn/Chicago Lawn area

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Investing in West Lawn/Chicago Lawn area

Robert Andersen
Member since 2020 · 20 posts · 7 votes

I'm looking at a few 3/4 flat's in West Lawn/Chicago Lawn area. The numbers for this area look to good to be true. My primary concern with the area is - would I be able to find good tenants? 

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Jake FugmanBusiness Member
Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
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@Robert Andersen Im a big fan of this area, along with Garfield Ridge on the west side of airport. You get a neighborhood feel similar to nearby suburbs but much lower taxes. Demand in the area for multi family properties has pushed up prices in recent years so typically the deals that are showing even close to 10% CoC come with some rehab.

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

    @Robert Andersen yes you can find tenants around the Midway area. One tip for you would be to run a dummy add on Zillow with your target address. See how many hits you get that first week and send them a copy/paste style pre screening response so you can get a sense for income, credit, etc. 

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  • Jake FugmanBusiness Member
    Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
    5y

    @Robert Andersen Im a big fan of this area, along with Garfield Ridge on the west side of airport. You get a neighborhood feel similar to nearby suburbs but much lower taxes. Demand in the area for multi family properties has pushed up prices in recent years so typically the deals that are showing even close to 10% CoC come with some rehab.

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  • Isaac S.
    Investor · Chicago, IL · Member since 2016 · 69 posts · 17 votes
    5y

    Hi @Robert Andersen - curious what kind of numbers you were seeing, just curious! 

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  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    Agree with @Jake Fugman the area by Midway is solid. It's picking up in price fast. I almost bought a place there to BRRR.

    Things you need to consider though is cap/ex, who pays utilities, etc. Also if working class areas like this depending who your tenants are many managers won't market a unit until the last tenant has vacated which creates a much higher vacancy then you would have in the north side where we aim for 0 turnover days. 

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  • Robert Andersen
    OP
    Member since 2020 · 20 posts · 7 votes
    5y

    This area seems about as competitive as the north side of Chicago. 20 grand over asking price and seller not even willing to entertain my offer. Really sucks to be a buyer right now compared to 4 years ago. 

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