The windy city is sizzling right now with tons of single family properties available for a seasoned or newbie investor to increase their monthly cash flow! Why invest in Chicago? Not only is Chicago one of the most economically powerful cities in the world with the #1 diversified economy in the US… It is also 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: 1968 (fully renovated)
Purchase price: $180,000 (not a foreclosure, normal sale)
Property info: 4 bedrooms, 2 bathrooms, 1,825 square feet, 1.5 stories, basement, 2 car parking
Monthly rent collected: $2,200
Property taxes: $376
Property management fees: $176
Monthly expenses (conservatively estimated)
Vacancy (7%): $154
Repairs (5%): $110
Total Monthly Expenses- $900
Net Income = Income – Expenses = $1,301
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =8.67%
Cash-on-cash return =
Depends on your leveraging.
If you are interested in this property or seeing others like it, contact Melissa at email@example.com.