Anyone have experience investing in Berwyn IL?

[John-Paul D.]

I was wondering whether anyone has any experience investing (either holding or flipping) in Berwyn, IL?  Although I am not as familiar with the area as I used to be, I DO know that it is convenient to downtown Chicago (290, Blue Line, Pink Line, Metra) and rent ratios look pretty good.

[Tony Reyes]

@John-Paul D. I have 2 multi unit properties in Berwyn. There both located in the North West part of Berwyn.

I grew up in Oak Park, right down the street from Berwyn.

I believe, you could break up the town into 3 distinct areas. North, Mid, South. There can be arguments made for investing in either area.

North. 

Recently Berwyn, Oak Park and Cicero invested over 20 million dollars in beautifying the Roosevelt Rd, business area. As you mentioned, it is very close to accessing the 290 or the blue line. This area has the most  residential multi units (2-3 units residents per property). Most definitely a working class/family neighborhood.

Mid. 

This area is near McNeal and has 2 stops in Berwyn. On Harlem and Oak Park. This is exactly what Berwyn is marketing with there billboard campaign of "Why Berwyn", that can be seen all over downtown Chicago. this area has many traditional average and smaller size bungalow and ranch homes. But it seems like on every other corner there are large multi units (26+ units) of 1 bedrooms or studio apartments, that don't always attract the best renters, and everything that brings. They also have many overpriced (for the area) condos. 

South. 

This is considered the Berwyn Gold Coast (between Pershing Rd and Ogden). This is the area where they have the larger bungalows or even some victorian homes (look alikes). Homes in this area are typically not for sale and are upwards of $250K. Its a nicer part of Berwyn to live in, but doesn't necessarily have the Cashflow ratio, that I would want as a buy and hold investor. Easy to access I-55 from Harlem or Central, from this area.

So far I have not had any problems as a landlord, renting in Berwyn. I have a very extensive rental process very similar to what bigger pockets recommends. And I'm currently looking for another multi unit in the area.

ADVICE

1. Try to stay west of Ridgeland

2. Get as close as you can to either Roosevelt Rd (Oak Park area) or Ogden (Metra Area)

3. If possible buy a 2-3 unit instead of SFR. They are unbelievablly undervalued at the moment.

Hope some the info helps

TONY REYES