Promising places to buy rental properties
Should you buy a rental home in Chicagoland? In a survey of online real estate listings in the fourth quarter of 2013, Bankrate found that the median asking price for a three-bedroom house in metro Chicago was $134,900, with a median rent of $1,700. Based on those numbers, an investor could recoup 15.1 percent of the investment in the first year, excluding taxes, insurance, renovations and other costs. See a map of potential investment profitability in 15 metro areas.
Median asking price for 3-bedroom house: $134,900
Median rent for 3-bedroom house: $1,700
Gross yield: 15.1 percent