We love hanging out in the windy city! After all, Chicago is one of the most economically powerful cities in the world, with the #1 diversified economy in the US. It is chock full of colleges, hospitals, Fortune 5oo employers… And most importantly, there are tenants and lots of them.
If you love the new single family home trend we’ve been seeing… this one is for you! They’ve all been fully renovated and have a tenant in place as condition of closing. Let’s take a look at today’s hot find!
Location: Chicago, Illinois.
Built In: 1957 (fully renovated)
Purchase price: $167,500 (not a foreclosure, normal sale)
Property info: 5 bedrooms, 2 bathrooms, 1,120 square feet, 1 story, basement, 2 car parking
Monthly rent collected: $2,250
Property taxes: $358
Property management fees: $115
Monthly expenses (conservatively estimated)
Vacancy (7%): $158
Repairs (5%): $113
Total Monthly Expenses- $834
Net Income = Income – Expenses = $1,416
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =10.14%
Cash-on-cash return =
Depends on your leveraging.
If you are interested in this property or seeing others like it, contact Melissa at firstname.lastname@example.org.