Anyone familiar with Crete Illinois rental market and demand? Seeing if there's any interest in the area . I know the taxes are higher but looking to invest in the area. Vacancy rates, rental applicants, investor saturated, etc? Thanks!
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
9y
Crete is really on the southern edge of Chicago. It used to be a small town that was separated by farmland.
It's a nice area, but I would call it an area that is in decline to some extent. One of the problems is that it is surrounded by a couple of lower income communities. During the downturn, the floreclosure wave hit Crete hard and some of its housing was converted into section 8 housing.
Anyway, Crete housing is still relatively strong in demand for rentals. I would say that renter interest outnumbers people that want to buy homes in the area.
Real estate taxes are going to be your number one concern. Renting it will be straight forward. Please carefully select your tenants...
Real Estate Broker · Chicago - New Lenox, IL · Member since 2014 · 41 posts · 15 votes
9y
I have some property on the border of Crete. The town does not have inspections so that's a plus, it's in Will County (better than nearby Cook), and the stock is fairly diverse. If I were a resident I would like the somewhat isolated location of the town but it seems far from many major employers, that is unless your tenant works at one of the many warehouses nearby.
Ed Matteson when you say inspections do you mean yearly rental inspections through the town? I have rentals in hammond and they don't have any rental inspections either which is really nice but their inspections department is brutal with code violations when you do work in their town. A less strict town would be nice. Hammond has great cash flow but everyone and their mom is an investor now so the deals are hard to come by now