Home Buying in Humboldt Park>Question Details

Sic, Home Buyer in Chicago, IL

investment in the Humboldt Park

Asked by Sic, Chicago, IL Tue Oct 6, 2009

What do you think about buying investment in the Humboldt Park, area between Cicero, North, Pulaski, Chicago. Would you consider it as uprising neighborhood?

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I have worked throughout Humboldt Park for many years, especially with multi-units, and some of the prices in this pocket of Humboldt Park are borderline absurd, meaning investor heaven.

I have prioritized my Chicago real estate with owner occupants of buildings but I realized that investors, good ones, were coming in and actually fixing up buildings and putting in nice rentals. The alternative is boarded up blights that bring down the neighborhood.

So...you are asking about an area where there are certain 2 units going for $50k and $60k dollars. With average work of $30k, you can have a functioning two units for $80k. Although you'll have to beat out cash buyers usually. Think about it, you can own a property and either live it in rent-free or make anywhere from $700 to $1500 monthly (depending on section 8 rentals and number of bedrooms) after taxes, insurance and mortgage payment!!

"Uprising" in terms of new development may not be realistic. But...

In terms of return on investment (ROI, cap rate) in a solid neighborhood, this is one of the hottest rental investment areas in Chicago right now, more specifically, Division to Armitage.
0 votes Thank Flag Link Mon May 14, 2012
I live here, with my beloved of 20+ years. There's a wonderful couple of daycare centers that lend the sweet sound of chirping youth. A BP, huge Menards, a few good food choices, an Aldi's. El Sitio bar and restaurant for music and dancing (haven't been there yet.) Investment? No. But come and live here.
0 votes Thank Flag Link Mon May 14, 2012
Where are you, approximately?
Flag Mon Dec 2, 2013
I do not know what uprising neighborhood means, but if you mean 'up and coming' I would say no. What are your investment objectives? How long do you plan to hold the property. Is it strickly investment to be rented out will you live in it? There are lots of questions to be answered before determining which neighborhood might be good. You need to speak with a few agents to get opinions and perspectives.

philip
0 votes Thank Flag Link Tue Oct 6, 2009
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