Which Chicago suburbs to purchase cash flowing multi-family home?

[Dave Shutack]

Hi BP,

I'm looking to purchase my first MFH this year and I'm looking for advice on where to hunt for deals in the greater Chicago area. 

I currently live in Lakeview and love the area, but after a lot of research, the multi-families here in the northside neighborhoods just don't make sense to me. Cash flowing properties seem nearly impossible to find and most properties exceed my budget. 

That being said, I'd like to explore other options in the surrounding neighborhoods and suburbs outside of northside Chicago. 

Any suggestions where to look? I moved here from Michigan two years ago and I'm not very familiar with the areas outside of Lakeview/Lincoln Park.

Thanks!

[Elizabeth J.]

I think there are still some decent deals if you look a little more on the south end of downtown - Bridgeport, McKinkey Park, Tri-Taylor, Pilsen, etc.  Logan Square has gotten a little expensive, but others may have thoughts on whether there are still deals in that area.  I looked at some properties in the Bucktown/Wicker Park area, but the cash flow didn't work.  One building I saw there was priced pretty well for the prime area, but the cash flow was terrible.  I think if we bought that, it would only be for the possible further appreciation of the building, which wasn't what we wanted to bank on.  Properties in Lincoln Park and Lakeview are so expensive and the rents they get are probably not going to be that great.  Not sure if going a bit further north (like Irving Park) might get you more bang for the buck.  I haven't really checked that area recently.  Good luck!!