Purchashing Property in Champaign, IL

[Nicolo Demetri]

Hello Everyone,

I'm considering purchasing a property in Champaign, IL, and I'd love to hear your thoughts and advice. The property in question will have a mortgage interest rate of 7% with a 25% down payment. Additionally, one out of four units is currently vacant. Based on my calculations, the cash-on-cash return for the first year is estimated at 2.04%. Currently, rents seem to be in line with the current market rate and I've factored in hiring a management company (assuming 15% of gross rents).

I'd greatly appreciate any insights, tips, or experiences you can share regarding this investment opportunity. . Just to add, I've already been preapproved for a mortgage.

Thank you in advance!