I agree, you can purchase for under $200 or go further south as Patti suggests.

But really with inventory being so high, I would negotiate 5-8% below any asking price!

It's a Buyer's market!

Brad,
Yes, you can purchase for under $200k. There are currently 13 properties between $175,000 to $200,000 available. You'd have to be more specific with your search criteria and your need for parking but a preliminary search of the inventory looks good based on price and location alone.

I'm actually working right now with a client in the south loop who is looking at 1 bedrooms/1 baths, and I can tell you that, yes, it is possible. However, prices in the nearer south loop - where the 'action' is - do *start* at this price point and then quickly jump into the $220's and all the way up into the $300's, so there isn't too much inventory at the lower price point.

If you want to stay below $200, you would have to go far south loop, beyond Cermak, where things can start to get a little sketchy (though, the developments are definitely spreading that way and into Bronzeville, another "up and coming" area.

Hope that helps!