Advice - To buy or not to buy

[Chidi Osuji]

I have a deal on the table to buy a 2 unit building in West Garfield Park (West Side, say Pulaski and Madison) for $110,000. With section 8 tenants who have been there for a while and expect to be, it makes $2,000 in rent per month. It's a turnkey with fairly new HVAC, roof and rehab work. My potential partners don't think West Garfield Park is a neighborhood that will see any type of development or appreciation in the next 5 years and they may be right. But I see it as an easy way to make additional money. The mortgage might be around $775 when you factor in PITI, so you're talking a net of more than $1200 per month alone! How do you suggest I go forward? Should I hold off and use that 30K down payment and look for a better deal in a possibly sooner-to-be appreciating neighborhood? Or just go for the easy money now?