We are back in the windy city… Chicago! 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.
If you love the new single family home trend we’ve been seeing… 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: 1958 (fully renovated)
Purchase price: $165,000 (not a foreclosure, normal sale)
Property info: 4 bedrooms, 2 bathrooms, 1,500 square feet, 1 story, basement, 2 car parking
Monthly rent collected: $2,100
Property taxes: $371
Property management fees: $168
Monthly expenses (conservatively estimated)
Vacancy (7%): $147
Repairs (5%): $105
Total Monthly Expenses- $891
Net Income = Income – Expenses = $1,209
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =8.79%
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.