Would you buy this property?

[Devin Londo]

Would you buy this place?

I'm looking at a place in Chicago in an up and coming neighborhood, it's a 2 flat with 2 1 bed 1 bath units. The building is actually a fully rehabbed coach house (5 years ago), the original main living structure was removed. Anyways, the first floor is a large studio currently getting 1450 a month and the second unit is currently owner occupied but could rent for about 1850 in the current market. The whole place was redone 5 years ago, and is in very good shape, so I shouldn't have to make any big repairs (fingers crossed) to structure, appliances, etc. Numbers are as follows:

Price: 469,000 (offered 440,000)

Taxes: 5500

Units: 2

Unit 1: 1450

Unit 2: 1850

Revenue: 39,600

Operating Expenses: 29,270

Take Home: 10,320

Cap Rate: 2.35% (seems low)

ROI: 9% (seems good)