N Lincoln Ave & W Foster Ave, Chicago, IL 60625, USA
Sold, Sold 2016 - 2-4 Unit
  • Sale Price :$585,000
  • Gross Rents:$6,700
  • Cash Flow ( 20% Down Loan ):$2,483
  • Net Rents ( Less Expenses ):$4,823
  • Cap Rate: 9.89%
  • Number of Units: 4
  • Cash Flow (Low Money Down Loan): $1,766
  • Cash on Cash ( Low Money Down Loan): 72.45%
  • Cash on Cash ( 20% Down Loan ): 25.46%

E & R already had a income property in their hometown in Michigan and were looking for a property they could fix up and move into.  I saw this property with another client and knew it was perfect for them.  The zoning was incorrect so I had to pull the original water records from 1890 and have the zoning certificate overturned.  After we closed they started on a $220,000 renovation and used a 203k loan to cover the rehab costs.

 

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