chicago

This property is no longer available! Sold.

In honor of this week’s Chicago turnkey property webinar, here is an available Chicago duplex! If you haven’t seen the webinar and want to (so worth it), click HERE. These are insane. Fully redeveloped, yes they are on the south side of Chicago but they are not in the war zones, and people have been buying these things left and right. By far the most popular turnkey I’ve seen getting sold lately.

Location: Chicago, IL. Duplex.

Built In: 1890 (but fully redeveloped)

Purchase price: $170,000 (not a foreclosure, normal sale)

Property info: 6 bedroom, 2 bathroom, 2394 square feet (total for both sides)

Income

Monthly rent collected: $2,200

Expenses

Monthly expenses

Property taxes: $227

Insurance: $97

Property management fees: $176

Owner-paid utilities: $100

Monthly expenses (conservatively estimated)

Vacancy (7%): $154

Repairs (5%): $110

Total Monthly Expenses- $944

Net Income = Income – Expenses =  $1,256 ($1,520 with no vacancy or repairs)

 

Advanced Numbers

Cap Rate =

annual net income (non-inclusive of mortgage payment) / purchase price = 8.87%

Cash-on-cash return =

Depends on your leveraging.

 

Are you thinking the cap rate is lower than what you are interested in? Check out one of Ali’s articles from BiggerPockets that hits this exact topic!

The 2% Rule: Fact, Fiction, or Feasible?

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