Introduction

Investing in rental properties can be a lucrative venture, but it requires careful consideration of various factors to ensure profitability and sustainability. A good rental property is typically characterized by its location, affordability, and potential for high returns. The location, in particular, plays a pivotal role in determining the success of a rental investment. It influences the demand, rental rates, and overall desirability of the property.

Tazewell County, Illinois, offers a unique blend of suburban charm and urban convenience, making it an attractive location for rental property investments. This guide will provide an overview of the best neighborhoods and areas within Tazewell County, grading each on convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel, and the 'x-factor' that sets each area apart.

Best Neighborhoods and Areas in Tazewell County, IL

1. Pekin

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: A
• Return on Investment: A
• Proximity to Work-Related Travel: B
• X-Factor: A

Convenience: B+ Pekin is the largest city in Tazewell County and offers a range of amenities, including shopping centers, schools, and healthcare facilities. Its well-developed infrastructure ensures easy access to essential services and transportation routes.

Tourist Attractions: B While not a major tourist hub, Pekin boasts several attractions such as Mineral Springs Park, Pekin Park District, and Lick Creek Golf Course. These spots provide recreational opportunities for residents and visitors alike.

Things to Do: B+ Pekin offers a variety of activities, including outdoor recreation, community events, and dining options. The city hosts annual events like the Marigold Festival, attracting locals and tourists.

Average Home Prices: A The average home prices in Pekin are relatively affordable compared to neighboring cities, making it an attractive option for investors looking for properties with good value.

Return on Investment: A With its affordable home prices and steady demand for rentals, Pekin offers a high return on investment. The rental market is robust, supported by a stable local economy.

Proximity to Work-Related Travel: B Pekin is reasonably close to Peoria, which houses major employers and institutions, including hospitals and universities. The commute to Peoria is manageable, adding to Pekin’s appeal for working professionals.

X-Factor: A Pekin’s strong sense of community, combined with its affordable living and local events, creates a unique and welcoming environment that attracts both renters and investors.

2. East Peoria

Grades:

• Convenience: A
• Tourist Attractions: A-
• Things to Do: A
• Average Home Prices: B+
• Return on Investment: A-
• Proximity to Work-Related Travel: A+
• X-Factor: A

Convenience: A East Peoria offers exceptional convenience with its proximity to Peoria and a range of amenities, including shopping districts, restaurants, and healthcare facilities. The city’s well-planned infrastructure supports easy navigation and access to essential services.

Tourist Attractions: A- East Peoria is home to attractions like the Par-A-Dice Hotel Casino and Bass Pro Shops, drawing visitors from around the region. The city’s riverfront area adds to its appeal, offering scenic views and recreational activities.

Things to Do: A Residents of East Peoria enjoy a plethora of activities, from shopping and dining to outdoor recreation. The city hosts various community events and festivals, ensuring there’s always something happening.

Average Home Prices: B+ While slightly higher than Pekin, home prices in East Peoria are still competitive and provide good value for investors seeking properties in a thriving area.

Return on Investment: A- The strong rental demand and relatively high rental rates in East Peoria contribute to a favorable return on investment. The city’s growth and development further enhance its investment potential.

Proximity to Work-Related Travel: A+ East Peoria’s close proximity to Peoria makes it an ideal location for those working in the city. The short commute and access to major employers make it a convenient choice for professionals.

X-Factor: A The combination of urban amenities, scenic riverfront, and vibrant community events gives East Peoria a unique charm that appeals to both residents and investors.

3. Morton

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: B+
• Return on Investment: A
• Proximity to Work-Related Travel: B+
• X-Factor: A-

Convenience: B+ Morton offers a small-town feel with easy access to essential amenities. The town’s well-maintained infrastructure and proximity to Interstate 74 enhance its convenience for residents.

Tourist Attractions: B Morton may not have major tourist attractions, but it is known for the annual Morton Pumpkin Festival, which draws visitors from across the region. The festival adds a unique charm to the town.

Things to Do: B+ Residents can enjoy local parks, community events, and a variety of dining options. Morton’s close-knit community and regular events provide ample activities for families and individuals.

Average Home Prices: B+ Home prices in Morton are reasonable, offering good value for investors. The town’s affordability makes it an attractive option for those looking to invest in rental properties.

Return on Investment: A Morton’s stable housing market and demand for rentals contribute to a high return on investment. The town’s economic stability and community-focused environment support long-term rental income.

Proximity to Work-Related Travel: B+ Morton’s location provides easy access to nearby cities, including Peoria, making it convenient for commuting professionals. The town’s proximity to major highways adds to its appeal.

X-Factor: A- Morton’s strong community spirit, highlighted by events like the Pumpkin Festival, creates a unique and desirable living environment. The town’s blend of suburban tranquility and community engagement sets it apart.

4. Washington

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: B
• Return on Investment: A-
• Proximity to Work-Related Travel: B+
• X-Factor: B+

Convenience: B+ Washington offers a balance of suburban living and access to necessary amenities. The town’s infrastructure supports easy navigation and access to schools, shopping, and healthcare facilities.

Tourist Attractions: B Washington is not a major tourist destination, but it offers local attractions like Five Points Washington, a community center with a variety of recreational activities. The town’s parks and historic sites add to its charm.

Things to Do: B+ Residents can enjoy a range of activities, from local parks and recreational centers to community events and dining options. Washington’s family-friendly environment provides plenty of things to do.

Average Home Prices: B Home prices in Washington are affordable, making it an attractive option for investors. The town’s housing market offers good value for those looking to invest in rental properties.

Return on Investment: A- Washington’s steady rental demand and affordable home prices contribute to a favorable return on investment. The town’s economic stability and community-oriented atmosphere support long-term rental income.

Proximity to Work-Related Travel: B+ Washington’s location provides easy access to nearby cities, including Peoria, making it convenient for commuting professionals. The town’s proximity to major highways adds to its appeal.

X-Factor: B+ Washington’s family-friendly environment and strong community spirit make it a desirable place to live. The town’s blend of suburban tranquility and community engagement creates a unique and welcoming atmosphere.

Conclusion

Tazewell County, IL, offers a range of attractive neighborhoods for rental property investment. Each area has its own unique advantages, from the affordability of Pekin to the convenience of East Peoria. By considering factors such as convenience, tourist attractions, things to do, average home prices, return on investment, and proximity to work-related travel, investors can make informed decisions to unlock the potential of rental properties in this thriving region.