So you’re looking to invest in Chicago’s South and/or South West Side, eh? As a wholesaler, the south side is a typical place to start looking for deals, as many investors are currently buying out the foreclosures. Now before we continue let’s set up some parameters for Chicago real estate property lawyer when I say, “South Side”. I am specifically speaking of neighborhoods south of 55th, east of the Dan Ryan and Highway 57, west of the Skyway, and stopping before Calumet City.
The areas covered are Greater Grand Crossings, Avalon, Burnside, Chatham, Roseland, West Pullman, Pullman, Calumet Heights, and the surrounding areas.
As an investor and/or wholesaler, this area has exactly what you are looking for to start your business. Although it’s a great starting ground, you must know that it’s all about pockets and each block can change dramatically in value and strategy.
The main neighborhoods for buying, fixing, and flipping, will be your typical middle-income areas such as Burnside, Avalon, Chatham, and parts of northeast Roseland. You know it’s a great area where you have suburban-like cul-de-sacs with picture perfect 3 bedroom ranch homes selling at 125-140K (ARV). Here you have bank owned houses going for 30-60K and each property will need a minimum of 25K with an average of 35K for fixing up. Just Google, “Oak Street Realty”, and you will find who the kings of flipping real estate in Chicago are. This area typically spreads south of 75th, up to 103rd, with pockets of good areas within and around.
North over the previously mentioned area is the Great Grand Crossing neighborhood which offers plenty of multi units and rental opportunities. Truth be told, any area is a good rental area, but we have a lot of rental opportunities more so. Great Grand Crossing is typically south of 67th and north of 75th. Most units of 3 bedrooms or more will fetch 1200+ with Section 8.
Going south of 95th, east of the Ran Ryan and west of Stony Island, lays Chicago State University. As you can imagine, the surrounding area will have a boastful neighborhood and vibrant parks. Here you will see some great properties for buying and flipping. If you go east of Stony, there lays a small neighborhood dominated by row houses called, Jeffery Manor. These row houses are cheap and REO’s are going for 20K a piece. Many are 2 beds and will need a 3rd bed to be built to maximize rent.
If you pass 103rd and you pass where the Dan Ryan and the Skyway split, you are still in a fairly good area, up to about 107th or 110th St. This is the Roseland neighborhood. Due to its proximity with the stylish neighborhoods north of them, as well as across from the highways, there are some good flipping pockets in Roseland. Rule of thumb, you want to stay east of Michigan, and west of Halsted, north of 110th. This is just a simple guide so you know what’s going on.
South of 110th St is the Pullman and West Pullman neighborhoods. This area is a hot bed for boarded up properties for very low prices, 5-20K for single family homes. Many experienced investors won’t blink in this area because they will know how to make money here, but most novice investors would be advised to stick with more bread-and-butter type of properties and investments. I am not too familiar with this area, but I do know that my cash buyers for my wholesale deals don’t ever ask for this area, although most have done work there.
This is a very rough summary of the area, but it should give you an idea of what is going down, for more information about Chicago Real Estate Investing or Chicago Wholesale Properties, go to my site, listed below, and sign up!