Seriously, it’s a FOURplex! I never have these to offer. Duplexes are usually as “multi” as it gets. Do you even know the advantage of a fourplex? You get four properties under one roof, and more importantly, under one mortgage. See where I’m going with this?
Location: Chicago, IL. FOURplex.
Built In: 1910 (but fully redeveloped)
Purchase price: $350,000 (not a foreclosure, normal sale)
Property info: 12 bedrooms, 4 bathrooms, 5,472 square feet (total for all units)
Monthly rent collected: $4,400
Property taxes: $459
Property management fees: $352
Monthly expenses (conservatively estimated)
Vacancy (7%): $308
Repairs (5%): $220
Total Monthly Expenses- $1,813
Net Income = Income – Expenses = $2,587
Cap Rate =
annual net income (non-inclusive of mortgage payment) / purchase price = 8.87%
Cash-on-cash return =
Depends on your leveraging.
For more information on this seller and this opportunity, check out this webinar that came out a month or so ago. Very informative. Click HERE. These properties are insane. Fully redeveloped, yes they are on the south side of Chicago but they are not in the war zones, and people have been buying these things left and right. By far the most popular turnkey I’ve seen getting sold lately.