Updated about 7 years ago on . Most recent reply
1st property under contract
I have my first investment property under contract. It is in a South suburb of Chicago. Purchase price of $73500 with 20% down. It is a 3 bed 1 bath house.Needs a new roof and some minor repairs. Approximately $8000. Trying to at least get a partial credit for roof to help offset out of pocket cash needed. Rent in the $1300 to $1450 range. Should cash flow north of $300 a month after taxes, insurance and 10% for vacancy and maintenance with $110 for management. Depending on the closing credit it should have a roi between 14.5% and 21% per year.