The property was partially rehabed two years ago, yet could use a complete rehab and makover now. This property is available at a HUGE discount. It is a two unit block/frame construction property half a block away from CTA.
Ideal to hold, or fix and flip!
The property has never been listed on the MLS, nor does it have any liens or anything of the nature. Put in an offer right away.
Each unit has three bedrooms, one office, and one bathroom with individually controlled gas forced air and separate water heaters.
As far as work goes, the property needs a brand new and roof, and other typical upgrades. The rear porch is out of code and will need some adjustments. The floors need to be refinished and leveled in some areas. Could use carpeting and tiling in the baths. The kitchens and baths need updating. Contractors estimates come in from 25-40K to get the property in rentable condition, although I've had one inspector estimate 85K to do a completely thorough rehab job. We can show it anytime so give a call and we'll let you in.
Other comps in the area have recently sold in the 300-350K range! Click here to see some recent comparable sales from the MLS.
And click here to see some aditional Comps from ICO.
Sold "As-Is". Hang onto for good rental income or fix and flip. The property will collect $1,800-$2,000 a month in total rents. Run the mortgage calculator to figure out cash flow after down payment on loan. Should cash flow $500-700 per month!
ARV: $335-350K
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