We are back again in the world-famous destination… Chicago! Aren’t you just loving this new single family home trend? They’ve all been fully renovated and have a tenant in place as condition of closing.
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. Let’s take a look at today’s hot find!
Location: Chicago, Illinois.
Built In: 1988 (fully renovated)
Purchase price: $179,000 (not a foreclosure, normal sale)
Property info: 4 bedrooms, 2 bathrooms, 1,843 square feet, 2 stories, 2 car garage
Monthly rent collected: $2,200
Property taxes: $391
Property management fees: $176
Monthly expenses (conservatively estimated)
Vacancy (7%): $154
Repairs (5%): $110
Total Monthly Expenses- $923
Net Income = Income – Expenses = $1,277
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =8.56%
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.