With interest rates still at historic lows and prices not yet rising, investors are finding unprecedented deals on properties in neighborhoods like Lakeview, Lincoln Park, Andersonville, Edgewater and Lincoln Square. By purchasing foreclosures and short sales- typically buildings with highly motivated sellers- investors are able to build their real estate portfolios for less cash up front.
The key to any smart real estate investment decision is location, location, location, which drives rent, rent, rent. To quickly evaluate the desirability of a property’s location, check the walk score– properties within six blocks of an el or Metra rail station are usually most popular. Neighborhoods close to the lake, biking and running paths, or downtown are appealing to first time renters, which include north side areas like Lincoln Park, Lakeview, Andersonville, and Edgewater. In addition to a prime location, renters love features like outdoor balconies or patios, or in-unit washers and dryers.