It is possible to make large profits buying fixing, and flipping properties in Chicago.What city to invest in? Chicago is the best for real estate investing. In fact, the market could not be better. In Chicago, you have a surging real estate market, a recovering job market and plenty of distressed properties.

 The Wicker Park (60622) area is a prime spot for many real estate investors. It combines many of the factors house flippers look for in an area they might invest.

A trendy and hip neighborhood, Wicker Park has a host of entertainment, retail and recreation options. The population is young with 24,160 of the 52,548 people living in Wicker Park being between the ages of 25 and 39. The population is well educated and comparatively wealthy with a median income of $72,994 and over 86.9 percent possessing a high school or better degree.

Along with the young, wealthy population in the area, investors also have a wide array of flippable homes from which to choose. 15,492 of the 26,533 housing units were built prior to 1939. Older communities like this are full of properties in need of an update or conversion that are available at a discount.

All the factors you need to be successful are there in Wicker Park, but you still need to take advantage of them. You still need to create a space that buyers will love and snap up quickly. After all, that is the essence of a flip: selling the property quickly for a profit.

In order to be a successful house flipper, you know that every improvement you make to a distressed home is with the potential buyer firmly in mind. You want to meet or exceed the market’s expectation while staying within budget.
An examination of properties currently for sale in Wicker Park provides a good indication of market expectation as far as improvements and amenities. The median sale price for the first quarter of 2013 was $367,500. Using a range of $355,000 to $380,000, we can determine what the average home looks like.

Flooring and Floor plan

The average home in Wicker Park typically has hardwood floors throughout with tile (slate, granite or travertine) in the kitchen and bathroom areas.

Floor plans are generally open and designed to take advantage of natural light. Square footage ranges from 1,200 to 1,700 square feet.

Kitchen

Kitchens are typically open to the adjoining room with a bar area. Countertops are granite. Cabinets are hardwood and typically a lighter color to enhance the feeling of space and size.

Bathrooms

Bathrooms feature a host of amenities with marble countertops, sauna bath/showers, marble countertops, and elegant tile work around the bathing area.

Outside Amenities

Chicago real estate investing is leading the nationMost condos and single-family homes in this price range include a private garage, deck area and balcony or patio.

As you can see, people buying in Wicker Park expect top-of-the-line improvements. If you plan to invest in this area, don’t plan on cutting corners or using lower-quality materials and fixtures. Buyers will notice.

Working with a team is the best way to ensure that the improvements you make during your next rehab are the ones your target market demands. At Equity Build Finance, we specialize in meeting and exceeding market demands while staying in budget. If you would like to discover more about our services or explore our list of available properties, just follow this link.

by, Jonathan Williams: EquityBuild News Contributor

Sources (1)
Real Estate data taken from trulia.com
Demographic data obtained from census.gov
Both sources deemed reliable if not accurate.