Southside Chicago Real Estate

[Michael Boyle]

I'm thinking about buying my first rental property in the south side of Chicago. The property already has tenants with an approximate 16% cap rate. I'm curious if anyone is familiar with the area and has any input. I am a little leery of buying property there as there is so much available and it could be hard to resale if needed. The area isn't too bad and it's next to the University of Chicago so I'm thinking it could be a good start.

Thoughts?

[Elbert D.]

@Michael Boyle you might want to throughly research the Woodlawn area. It’s getting better and it’s right next to the university of Chicago. But certain blocks are still iffy. Also some of the taxes over there are high and will kill your cash on cash return percent if your not throughly crunching your numbers. 

In fact, I was just in that direction today. Definitely a block by block situation.