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Updated about 11 years ago,
Chicago (south side) help!
I'm an experienced RE investor in AZ and have only invested in my region thus far. I've been approached by an asset manager I've used to get incredible 50% ARV deals for the past few years with a small Chicago package. I've been researching and the deal looks good but I'm really weary about the murder capital and getting stuck in a potential war zone. Any feedback would be greatly appreciated.
1. Duplex in Englewood (May St) neighborhood looks to be in great condition built early 1900s.
2. Triplex with 2 2bd upstairs flat and 4bd downstairs (Escanaba Ave) brick early 1900s needs work.
3. Duplex (69th st) brick early 1900s needs work.
I don't have much info yet and I don't know the exact level of rehab until I have someone on the ground inspect. Looking for general info on the areas and renting in such neighborhoods. Looks like definitely section 8 but with a decent property manager may be doable. Not looking for war zone nightmares but the returns look too good to be true. Total package would cost under $60k. Any referrals on an experience person on the ground would also be very helpful. These are all off market REOs held by a mid size bank.
Thanks BP nation, your help is really needed and appreciated!