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: Hazel Crest, Illinois. Built In: 1931 (fully renovated)
Purchase price: $115,000 (not a foreclosure, normal sale)
Property info: 3 bedrooms, 1.5 bathrooms, 1,515 square feet, 1.5 stories (split level), 2 car garage
Monthly rent collected: $1,500
Property taxes: $324
Property management fees: $120
Monthly expenses (conservatively estimated)
Vacancy (7%): $105
Repairs (5%): $75
Total Monthly Expenses- $707
Net Income = Income – Expenses = $793
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price =8.27%
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.