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)
Monthly rent collected: $2,200
Property taxes: $227
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)
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!