Chicago South Suburbs (Lansing, South Holland, Dolton)

[Michael VanderVelde]

I live in Chicago, and I've zeroed in certain areas of the south suburbs that seem intriguing for investment. 

In particular, Lansing, South Holland and Dolton have some attractive opportunities.  I am aware of the extremely high tax rates in these areas, but the numbers still seem to work out (not homerun 2% numbers, but relatively attractive for longer-term hold cash flow plays).  These areas seem to have been hit particularly hard during the downturn, and values look like they're pretty bottomed out with upside potential for appreciation looking forward.  The crime rates are not alarming, and these seem to be solid, blue-collar working class neighborhoods.

There also seems to be opportunity for different strategies in these areas: some homes that need work that may be suitable for BRRR strategy or fix & flip, and some homes that need minimal work where the numbers seem to work out right away. Ideally, I'd like to pursue a mixture to create a balanced portfolio.

I'm very interested to hear insights from others who have invested in these areas.  What has been your experience?  What should I look out for?  

Any recommendations for brokers who are experienced dealing with investors and/or experienced contractors in these areas would be much appreciated as well.

Thanks in advance!