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?
