North West Indiana Deal...Worth It?

[Annie Li]

I'm under contract with another Indiana SFH. My realtor has concerns about the neighborhood (at boarder of Gary and Merrillville), but my property manager thinks it's no problem to rent it out for $1,200/month. Please kindly share your thoughts if you are familiar with the area. Really appreciate it!

Property address: 

549 W 52nd Pl, IN 46410

[Jason Farmer]

@Annie Li We bought it in the end of  2011, sold it in 2014, and i dont like to be negative, but this area will never recover, there is no chance for this area near Gary to recover, have you driven just down the block onto Broadway, you wont even have to go 3 blocks to see burned down, boarded and destroyed commercial real estate, tons of burn homes. Etc. I just left there earlier Dec. and someone was killed just a few blocks from this place.

I dont personally know @Sharad M. but i know quit a bit of investors and wholesalers out there that know him, and this is his area, he knows it well, and it takes a certain type of investor to invest in areas like these. You have to understand the type of renter this property will more than likely get. You should take a trip out there for a week, and just drive the area, get a feell for it and your eyes will open up, and it will give you more insight on where an out of state investor should buy, dont get me wrong, Lake County is gem to me, and this county has alot of nice house for cheap that rent well. But you have to know the area. It so important if you want to be as successful like someone like @Sharad M.

And I dont want to discourage you, but its so important you actually go there and understand the area and how much one street to the next can change. Homes prices here are kind of a mirage they look great from far off but as you get closer they dont make sense. 52k, you can find propertys for that price in a better part of the city. Patience is the key until you can development a nice marketing ninch to find better off market properties. My last purchase there was a 2400sq ft home we got for 48k. In a very nice part of the city.It took some direct mail, but it came out of no where. I think you should just keep looking, and get something that will bring in nice qualified renters that will make a property their home.