Loop investment for renting

[Account Closed]

My father is looking to invest in real estate in Chicago where I live in order to rent out. We were looking at places in the Loop, specifically in the Printer's Row neighborhood. There is a new luxurious building coming up called The Reed with condos and apartments, that we might be interested in buying a 1Bed1Bath in. We were told that the neighborhood is going to grow with the formation of the 78th (the newest neighborhood) and entertainment district. But we are worried that the monthly costs (property taxes + HOA) will be a burden incase we don't find tenants. We're worried if the renting market in the South Loop is demanding?

If we had to invest in a condo to rent out, which neighborhood would be a good decision to look into? Can we invest somewhere else?

[Henry Lazerow]

I have sold printers row condos to investors out of california. The area is already hot and not going to get surges of growth to be realistic but is a solid area and will have steady appreciation with A tenants. Rental market should be close to 0 vacancy when you price/market the units right. 

I would avoid the new builds. HOA will go up significantly on these as they age. Theres lots of medium rise buildings with affordable and well financed HOA where you can estimate future HOA expectations to rise roughly with inflation.