What are your financial goals/expected ROI?
With a Multi Unit YOU are the King of the Castle.
With a condo you have t deal with the association.
As per neighborhoods, it truly depends on your budget.
Feel free to contact me should you have any questions.
I do not live in the city, so will likely be an absentee landlord and outsource to a management company - does this change how you would look at multiunit vs. condos?
IF you are planning on financing the property then talk to your lender and see what works best from a cash flow perspective.
If you havent spoken with a lender yet then I would be happy to help
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If you buy a multi-unit building- Would you sell it later as a multi-unit building with renters? Would you fix it up hoping to get much more for it? Would you convert it to a larger single family home and aim to get much more for it in the future? - Does the local market near the subject property support any of the above?
If you are buying a condo- do you feel that the unit will appreciate at an acceptable level to you in the future? Does the unit you are looking at need work? If so, will fixing it up increase the value at an amount you feel appropriate? Is the unit currently finance-able and will it be in the future?
Unrelated to the exit plan- do you feel the HOA of a condo is healthy financially? If you were to get hit with a special assessment would you be able to afford it? Are the monthly assessments at an amount you can easily pay if/when the unit is empty or has a delinquent renter?
There's a million and one factors you should consider, working with a knowledgeable realtor will help you gather useful information to help you make an informed decision.
Depending on you return on investment that you are looking for right now East Rogers Park can offer an investor a lot. I am currently putting in a bid for one of my investor in a building by transportation and the lake. It is a two bedroom/Two Bathroom ready to move into for under 100K, and I will be able to get a rent of $1600 a month.
As one of the other brokers had stated it also depends on what you are looking for. Find a broker that can run the numbers for you so you can best determine your investment strategy.
The higher risk neighborhoods tend to give you the best ROI yet you need to be able to deal with not so great tenant qualifications. The higher rent neighborhoods tend to have the more stable tenant pool yet the return on investment is probably not as great. It has a lot to do with your risk/reward personality.