Wholesaler · Syracuse, NY · Member since 2014 · 120 posts · 8 votes
I have found an inherited, non-listed FSBO in the engle wood neighborhood of Chicago, IL. I would like to make the seller an offer, BUT learning from mistakes of the past I want to make sure I price things right, since this is a bad neighborhood. The house is actually really nice. SFR 1800sqft, 3/2 with a two car detached garage. She wants 45k, and repairs are about 5-7k. Based on the comps the property could be worth high 60's low 70's, but factoring a neighborhood in idk.
How much would a buy & hold investor in this area pay for this type of property?
The Real Estate Guy · Chicago, IL · Member since 2014 · 27 posts · 4 votes
12y
I've invested in the area before, and as some have said - it's pretty hit or miss. From block to block, it can vary greatly... If you'd like, I'd be more than happy to give my opinion, free of charge. Send me an email or PM and I'll do what I do best!
Salem, OR · Member since 2013 · 701 posts · 159 votes
12y
I have on occasion found out of town properties that I thought were real bargains. I called three different property managers and each refused to manage property in that neighborhood. The neighborhood didn't look bad to me when I drove through it in the daytime. Some properties are worth $0 to me.
Real Estate Investor · Chicago, IL · Member since 2008 · 318 posts · 30 votes
12y
The comps in Englewood can be all over the place, I have some property in that area and in the day time its not as bad as the media makes it out to be IMHO....but its still bad. Worse case, get yourself an appraiser for a decent price and use it as a back up.
The comps in Englewood can be all over the place, I have some property in that area and in the day time its not as bad as the media makes it out to be IMHO....but its still bad. Worse case, get yourself an appraiser for a decent price and use it as a back up.
Adrian, IMHO, if you have to qualify your statement with "in the day time", then it's not a good area.
The Real Estate Guy · Chicago, IL · Member since 2014 · 27 posts · 4 votes
12y
I've invested in the area before, and as some have said - it's pretty hit or miss. From block to block, it can vary greatly... If you'd like, I'd be more than happy to give my opinion, free of charge. Send me an email or PM and I'll do what I do best!
Wholesaler · Syracuse, NY · Member since 2014 · 120 posts · 8 votes
12y
@Timothy Riley it has stone facing. I looked at the street and it runs from ok to really bad as far as crime, but the house is really nice from what I can tell. For the price I thought I may be able to wholesale this to a buy & hold investor.
@Jerry Brown I appreciate the offer, I will email you the details.
Real Estate Investor · Chicago, IL · Member since 2015 · 10 posts · 0 votes
10y
Hey Markeilsha,
I'm Jason from Chicago.
I saw you looked at a house in Englewood Chicago. I'm thinking of investing in the area. I would like to know how your experience was with Englewood. Do you think it is worth the time and risk to buy in this area?
Investor · Chicago, IL · Member since 2016 · 24 posts · 2 votes
10y
I was also thinking about investing in this area. Obviously it is a pretty rough area, but I'm wondering with the retail that they are bringing in is a sign of them cleaning up the neighborhood.
Lender · Schaumburg, IL · Member since 2016 · 65 posts · 9 votes
10y
I have done plenty of properties in that area and yes it does depend on the street and being an investor in that area you really have to know what you are doing and have a good team behind you like we do. 45k is not that bad of a price depending on how much re-hab is needed. I've sold homes in that area for 80k and up and have plenty of rentals going right now. it is a risk reward type situation but you have to be prepared and have the right strategy.
Rental Property Investor · Member since 2018 · 11 posts · 4 votes
7y
Hi BP community!
@Markeilsha, did you buy this property? I used to live in the Lawndale neighborhood of Chicago from 2009-1015. Back then, Englewood was a rough neighborhood. I remember driving by one day bc I got lost and on the corner the police had a guy to the ground arresting him. The whole neighborhood has a lot of gang activity, so when you hear about record Chicago shootings, Englewood is usually included in those neighborhoods, as well as Lawndale, where I was living. But I have heard that people are now looking into this area to invest, similarly investors have been all over Lawndale, where I used to live. No investors were looking to buy and flip while I was living there, this seems like a new thing over the past 4 years.
Can any one else who has bought in Englewood recently comment? Would love to hear thoughts.
Chicago , IL · Member since 2018 · 23 posts · 4 votes
7y
Englewood is hot right now all of the signs of gentrification, Starbucks,craft beer brewery, upscale restaurant, and different races moving into the area are showing.