Investing in Carbondale Illinois

[Charanjit Singh]

I am exploring Carbondale IL for multi family Investment and lookin for some feedback.  I know area around SIU may be something to look into. Are there any other specific areas/pockets I should focus on for strong rental demand or avoid for that matter ?  I am also looking for Brokers and property managers who are actively working in Carbondale. Any references will be helpful.

[Erik Perks]

@Charanjit Singh I live in the area again and I am familiar with some of the locations and properties.    Send me a PM if you want me to do anything for you here locally.  I can track down a few property managers pretty quick and know some 40+ units for sale if you are looking that big (use reddfin). 

Areas are tough because enrollment is down and they have built several large new 200+ unit complexes in the last few years.  

[Stephen Schott]

@Erik Perks I am also interested in the Carbondale market and looking at a few deals. I come from Cape Girardeau area and have been invested here for a few years now. What would you say the vacancy in Carbondale area hovers around?

[Erik Perks]

Stephen I can’t quantify that very easily with the information I get to but I would say with decreased in enrollment and increases in number of available units.

Any way you want me to help quantify that to arrive at a %?

Erik

[Mike H.]

Most of the colleges here in Illinois have seen a decrease in enrollment. Everyone has been scared the crazy state was never going to put a budget together and eventually the schools were going to have to shut down because they had no money coming in.

So this may very well be a good time to buy as some landlords in college towns may have seen a decrease in vacancy and might be spooked.  It would seem logical that enrollment will pick back up again now that we're operating under a budget. And that may be enough of a blip to pick up some really nice deals.

[George Skidis]

Welcome to Southern Illinois. We meet 10 miles away on the second Tuesday of the month.

[Erik Perks]

@Stephen Scott I may not have been able to help with a true vacancy rate but if there is anything I can being local to Carbondale let me know.

[Prashanth Sundar]

This thread is an year old but hoping to get some replies. 

I am seeing a lot of MF up for sale from Carbondale. Is there any specific reason that a large inventory is up in the market.

@Charanjit Singh Did you end up buying anything in Carbondale. How did your experience turn out.

Would love to connect with you and learn from your experience. I live around Edison as well.

[Tane Owens]

@Erik Perks

Hey Erik. Im knocking the dust off this old post. As a local of the area, do you have any good experiences or recommendations for local lenders in or around Carbondale. I have a lead on a nicely performing and off-market SFH near the SIU School of Law and would like to make a move if possible.

Thanks in advanced!

Cheers,

Tane

[Erica Visser]

Are any of the people who posted here still investors in southern Illinois?

[Stephen Jones]

BP,

Pulling this thread back up. I am considering investing in Carbondale. Can someone enlighten me on why the market is a little cheaper? Why there seems to be quite of multifamily units for sale? My guess is because new and improved buildings have been built? I feel like the old multifamily properties vacancy rates are very high? Any thoughts would be appreciated. Thanks!

[Erica Visser]

@Stephen Jones. We are investors in Carbondale. You’re correct there are newer multi family buildings that have caused the other ones to be less attractive. Taxes are high in Carbondale. Enrollment was down at our university the last few years. This year is the first year that we’ve had a positive enrollment. The Southern Illinois area is fairly impoverished. Or median income is $20k. 
that being said, the neighboring town of Marion is booming. Carbondale real estate has always been extremely cyclical. We’re on a downward swing where people are moving out. Which cause the housing prices to drop dramatically. Which causes investors to come in and buy them up and clean out the properties, which cause people to move back in. We are running numbers on two different deals right now in Carbondale. Let me know if you would like to connect. 
we have not had trouble keeping our properties rented in Carbondale. It really is the clientele. We shoot for young working professionals, or grad students

[LJ Gordon]

Are there any investors in Carbondale, Il who have experience with short-term rentals?

[Eliyahou Gronstein]

@Erik Perks hi are you still involved in the real estate in carbondale

[Silas Obasi]

Hello fellow investors, I'm thinking about investing in Carbondale, any new insights, etc.? Thanks!!