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.
