It's tough to say without knowing more information about your personal situation but to eat $7K+ a year is a huge loss to take on for the foreseeable future.
If you're upside down by 100K- or something close- it could take a half decade or more of appreciation to even close close and more likely closer to 10 years. In that time you'll give away $80,000 in the hopes of breaking even.
Again, I can't say for sure what your best option is but I'd love to talk to you about it- it sounds like a short sale is something you should strongly consider.... more
As a property management company owner and real estate investor, I can tell you a lot about RP. Itâ€™s a up and coming neighborhood. It has come along (a lot) from early 2000. Before the economic downfall it was one of the best areas to invest in. In my opinion it still is. Especially along the lake close to Loyola University, Loyola to RP is what DePaul is to LP, and what UIC is to the south side. LP was once a bad neighborhood, now one of the most desirable and expensive in Chicago. Why? Because, of DePaul. Loyola students will have the same influence in RP. Itâ€™s only a matter of time. Students= disposable income, and higher rent fees because of higher demand. When rent goes up so does all real estate around it, rental property or private owned.
As for crime, RP is a bit wired. One block can make a huge difference. This is what I know, as a RP resident and investor. Anything along Sheridan is pretty much ok. A few blocks west gets sketchy, after Clark it gets better, till Western, then sketchy again.... more