If you have the money and assume that the unit will appreciate 4-6% per year.
My wife and I are thinking the same thing for us when she retires in 8-12 years. Let a tenant pay the bulk of the monthly cost including the hefty HOA. Even if you are $500 under per month on a rental, that's $6k per year, if you think they go up by more that much per year you come out ahead. Plus you can depreciate the investment and offset the loss on your taxes plus property taxes and HOA and proerty improvements, As long as they allow rentals you are good. better than waiting until you are ready and find the prices 30% higher 3 years hence.
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I would definitely consider 600 N. LSD...Being so close to NMH, Lake, Navy Pier, and Shopping it's definitely a great location. Follow rule number one in real estate. Location, location, location!
Coldwell Banker Residential
676 N. Michigan Ave.
Cheapest 1 bedroom unit at LSD is $520k, assessments just under $400, and there are no 1 bedrooms at Prairie but the least expensive 2/2 is $479k/$325 assessments as of today. The only 2/2 at LSD is $650k/$596 assessments.
Let me know you'd like more information or would like to go check out any of these units.
Hope this helps!
But if you can make it work until you would move in - I would say thats a great location.
Check your price Vs the rental potential - also consider avilability and competition for tenants.
A good agent will help you narrow the field and at no cost.
Senior VP of Mortgage Lending
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I would find other buildings to consider.
Regardless, get a good Realtor. Its free to use their services.
Very distinct options - both in strong and attractive buildings. The South Loop is a bit slower in pace. 600 LSD is in the southern segment of Streeterville, an area that tends to rent strong due to proximity to Northwestern's medical and law school campuses and University of Chicago's biz school. Both are vibrant and attractive neighborhoods. My clients tend to mark Streeterville as a bit more robust and South Loop as a bit more sedentary. Here's the thing - your dollar may be longer in the South Loop. I wonder, though, if 1201 is going to implement rental caps. This has happened in multiple instances the past few years as rent-heavy buildings have had to pare down the number of rentals to facilitate mortgage-oriented transactions.
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South Loop: Slower paced and big dog friendly, lots of pro baseball players for the sox choose there because it is so easy to get to the ball park.
Gold Coast/Streeterville: fast paces, noisy, close to everything you want. smaller dogs, HIGH fees to condo association to rent the units.
If you send my your email I can email you a comparative market analysis for both options in both buildings.