Oak Park IL Housing Market

[Account Closed]

I'm looking in various neighborhoods in Chicago to invest in a multi-family unit building. This will be my first real estate investment. Does any one have suggestions on upcoming neighborhoods? My fiance and I are initially thinking of Ravenswood and/or Oak Park. Thanks BP!

[Elbert D.]

forest Park is a decent area. But if my memory serves me correctly I think the rents are kind of low in that area compared to what you could get in Berwyn and Austin. Also be very careful with certain realtors. Some of them will do or say anything to make a sale. Always keep that in mind....they are paid on a commission so don't be pressured to buy something you have doubts. Definitely don't get anything over 25-30k rehab which is comestic stuff like Floors need to be done, painting, basically a light rehab project. Little stuff can add up in a rehab project so be aware of that. As far as the neighborhoods you listed those are good ones but a MFH in those area will be expensive. Not to mention I personally think the appreciation ceiling for properties up north isn't Much compared to the south and west side of of Chicago. There are so many areas to choose from.