Saify Talib

Rena,
You might want to look at the link below. It's not East Village - and if you've not explored the rest of your options in Chicago, this might be something worth checking out. The area will meet ALL of your requirements that you've posted. - Mon Jul 14 2008, 09:41

Kate,
My advice to every seller client right now is this: Don't sell unless you HAVE TO. Given the prices of closed properties in Edison Park in the last 5 months, I'd say you'll be disappointed. Getting another appraisal will give you another number - but there is very little chance that you'll sell for the appraised price.
There is also the issue of division of the sale proceeds. I would give that some thought. - Sun Jul 13 2008, 21:57

Kelly,
In addition to Lincoln Square I would also consider the Oak Park area. Our rental market is strong here because it's a community that is quite a popular destination for folks from all over the country. The highly ranked school system attracts buyers and renters from everywhere. Being a landlord myself, I find that it is quite easy to find tenants here - and I appreciate that.
Before you start looking at ANY area, Kelly, I really would urge you to calculate how much money each month you can write a check for to cover your housing expense. Once you know that, then you can work backwards to figure out what you can spend for a multiunit purchase.
Remember to include in your estimate the cost of principal, interest, taxes, and insurance. Then add maintenance, upkeep, and the cost of yearly vacancy rates (should be no more than 1-2%).
Additionally,it's worthwhile to note that if you want to generate revenue - you can only do that if you have around 6 units. The typical 2-3 flat is best used as an owner occupied dwelling where the rental income that will help to defray the cost of your mortgage and taxes.
Lastly, take into account any commute time and expense. With gas prices approaching $5/gallon, you may want to buy in a neighborhood that has convenient access to public transportation - both for you and your potential tenants.
My personal feeling is that there will be a shift in buying patterns from the past suburban exodus to a return towards the city neighborhoods that afford easy public transportation acccess. There are very few people around today that aren't feeling the pinch of increased gas, food, and commodities prices. - Sun Jul 13 2008, 21:44

George,
It sounds like you're concerned about having enough properties to choose from and ensuring that you get a good deal. Surely you're aware that virtually the entire country is in the throes of a buyer's market? Ask your agent to calculate for you the absorption rate for Bucktown/Chicago and you will have the answer to your question. - Sun Jul 13 2008, 20:20

Administrator,
Please flag the posting by "Concerned" Home Buyer in Virgina. This person is using the site to vent frustrations and make disparaging and unfounded remarks about practitioners. This is in clear violation of the Community Guidelines. This individual is obviously deeply resentful for some reason - but that does not give carte blanche for inappropriate content.
Hiring a professional is what one does when one cannot accomplish the task at hand - whther it be floor sanding, open heart surgery, or electrical wiring. I am happy for Concerned - but I wonder what is the real agenda for this posting. - Sun Jul 13 2008, 20:13