We sure are spending a lot of time in Chicago. Do you know why? 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.
So if you love the 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. Let’s take a look at today’s hot find!
Location: Chicago, Illinois.
Built In: 1988 (fully renovated)
Purchase price: $175,000 (not a foreclosure, normal sale)
Property info: 4 bedrooms, 2 bathrooms, 1,843 square feet, 2 stories, 2 car garage
Monthly rent collected: $2,300
Property taxes: $391
Property management fees: $184
Monthly expenses (conservatively estimated)
Vacancy (7%): $161
Repairs (5%): $115
Total Monthly Expenses- $943
Net Income = Income – Expenses = $1,357
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =9.31%
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.