With that information, you can start to make an informed assessment. But you should also consider any rules that may be in place that might limit your ability to rent the unit now or in the future. For example, some building have caps which could prohibit your ability to rent if more of your neighbors rent their homes first.
Best of luck!
I am very familiar with Hyde Park. Yes, I do believe you can purchase a 2 bedroom condo as an investment property. It is important you find a unique and well maintained building to purchase this condo. I have found from past experience that a secured building with garage parking is key. I sugest the Renaissance of Hyde Park Building. If you would like more information please contact me. I have managed 2 rentals for over five years.
Infinity Realty Group
1608 West Sherwin
Chicago, Il 60626
312 953 4484
Access the MLS through a reputable broker's Web site - you'll find nearly 100 homes and condos listed for rent in Hyde Park, many with photos and virtually all with addresses.
Pick up a copy of the small Apartment Guide from the rack at a local supermarket. You'll find many Hyde Park buildings advertising there.
Agreed. Very hard to answer without specific info.
A few things to consider as you make this decision:
1. Does the association have a regulation limiting the number of units that can be rented. This can also change over the three years you live there. It may be a variable that forces you to sell.
2. What is your capacity to manage a unit remotely? If you had to pay for management and leasing services, this can cost two month rent + per year, not to mention vacancy periods.
3. How much do the Principal, Interest, Taxes and Assessments add up to. Is this less than market rent? In my experience this doesn't work in Hyde Park. Rents are usually lower than the cost of ownership. Owning in Hyde Park make sense for lifestyle reasons, to fix the cost of home-ownership if your looking to stay for a long period. Investors make money in Hyde Park, but not typically in renting condos.
I've worked with quite a few U of C faculty that have relocated, and the three-five year appointment is one that causes much consternation when it comes to purchasing vs.renting. On the one hand, the quality of most rental housing isn't great. We all know the company that has a virtual monopoly in Hyde Park and they aren't know for high quality living. The stuff that is real nice has huge rents. Ownership is a better way to live, but the reality is that Hyde Park is the Slow and Steady appreciator, that won't jump in value in 3 years that would justify selling, although you never know for sure, especially in this market. 5 years, likely.
You may want to see what's out there in the rental market with Chicago Apartment Finders (on 53rd). They may have some great condos for rent. They also do leasing and management, by the way, for single unit owners that don't want to sell.
Feel free to contact me with any questions.
Best of Luck