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Updated almost 2 years ago,
Recs for multi family properties around $200-250K
What are the best cities/neighborhoods for finding multi family properties about $200-$250K that are in good condition and cash flow with today's numbers? I'm located in the Chicago suburbs and the only properties I've been able to find like this are in not-so-great neighborhoods. My goal for 2023 is to acquire 2 multi family properties (2-3 units each) that cash flow $700-$1,000 each after PITI and management fees. It would be great to find 2 in the same or close neighborhoods. I'm okay with some minor repairs right off the bat, but I don't want to have to do kitchen and bath remodels to get them rented.
I've seen others suggest Memphis, Kissimmee, Indianapolis, and Columbus. I do see some good options here that I'm looking into, but does anyones have specific neighborhoods or counties they would suggest? Online research only goes so far and I'd like to hear from others who are actually invested or work in these areas. Maybe some up and coming neighborhoods that don't have great stats at the moment.