Any Experience/Opinion on Southern or Central Illinois?

[Bob Crane]

Picked up my first property last fall.  C-class in a small town (Dwight) about 30 minutes south of Joliet.  I've got $60k in and planning to rent for $800 per month.   I'll be financing in the next 30 days to pull the cash back out for future opportunities (about $30k for the next deal).

I feel the biggest opportunity in Illinois exists in Chicago.  Unfortunately I don't feel I have the $$$ to pick one up.

Central and Southern Illinois appear to be hot rental communities (many more renting than owning).  The cost per sq ft is quite a bit lower than Northern IL/Chicago.  Cashflows appear to work.  My concern is how to find a buyer when it is time for the exit.  Also I can tell you it was pulling teeth to find someone to work on the home I've purchased (had several connections in the suburbs make a drive down as a favor).  I have family in both communities that I can rely on for oversight.

Anyone have experience in these or similar communities?

[John Strong]

I'm in Fairbury, 30 miles south of Dwight. Great towns. I look for older large houses in the 50 to 60k range that are being lived in. Need no rehab and rent for 650 to 800 depending on the house. I have 4 Sfr here. I, like you, have grave concerns about ever selling or what will our towns look like in 20 years. Schools drop in enrollment by at least 1% every year. When I moved here in '92 we had about 3000 students now hover around 1700 k-12. I doubt the houses will hold value much less appreciate. I invest where I live and don't worry about stuff I cannot control. I would love to go to Bloomington/normal but I don't live there.
Lots of great contractors here in fairbury. Small towns are great but home runs do not exist here. 1 landlord here has about 25% of all units might be higher. About 5 more landlords own the next 50%. I have 14 total units now so maybe in top 20 in town of units owned. Lots of room to grow, even here. Houses rent before I can close on them. The other reason I get older houses is the taxes are horrible on anything newer and ruin cash flow. I live in a 150k house and pay 6k in property tax. The rental houses run 1500 to 1700. So better but not much.