We are back again in the world-famous destination… Chicago! If you love this new single family home trend… this one is for you! 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: 1940 (fully renovated)
Purchase price: $135,000 (not a foreclosure, normal sale)
Property info: 5 bedrooms, 2 bathrooms, 2,500 square feet, 2 stories, 2 car garage
Income
Monthly rent collected: $1,450
Expenses
Monthly expenses
Property taxes: $181
Insurance: $58
Property management fees: $115
Monthly expenses (conservatively estimated)
Vacancy (7%): $102
Repairs (5%): $73
Landscaping: $10
Total Monthly Expenses- $538
Net Income = Income – Expenses = $912
Advanced Numbers
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =8.10%
Cash-on-cash return =
Depends on your leveraging.
If you are interested in this property or seeing others like it, contact Melissa at melissa@hipsterinvestments.com.
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We’ll send them to you!
