Deal of a Lifetime - Chicago Mansion AirBNB with >60% CoC!

[Ryan Aydelott]

I have am liquidating all of my Chicago area properties and felt this one was a better fit here. 

It's a circa 1895 Richardsonian Romanesque Mansion in Chicago near Western/Washington that I have restored over the past 4 years.

I've had it listed on AirBNB for a couple of months and it's generating about $800-$1000/month per bedroom (using December/January occupancy rates/pricing). Between the main house and the coach house there are a total of 9 private rooms (one being as complete master suite with private finnish sauna and bath!) meaning that this property will generate between $86,000-$108,000 per year!

A breakdown of the deal is as follows:

Assuming 4% interest, 30 year mortgage w\25% down payment.

Purchase Price: $475,000

Down payment $118,750

Closing Costs: $10,000

Estimated Yearly Rents $108,000

Estimated Yearly Expenses (includes $20k/year staffing costs) $40,000

Yearly Debt service $20,412

Net cash flow after expenses & debt service $47,588

Total Cash Invested Year 1: $179,162

Cash on Cash 60.2%!!!

If interested, please feel free to contact me, this is a once in a lifetime opportunity to own a home like this and for the right buyer I'm willing to provide financing.

[Ryan Aydelott]

@Jerry Stanford - In Chicago near Western/Washington. In that area it's about to pop for someone that's willing to hold it for the next few years. My guess is you'd probably be able to sell the home in the $700k-$1m mark in about 5yrs if things continue to explode in the UK Village/West Haven/Humboldt areas the way they are. Comps about 4 blocks away are hitting around $1M-$1.5M and obviously buyers are getting quickly priced out of these markets with nearly every property just east selling at or above asking price:

https://www.dnainfo.com/chicago/20150423/west-loop/looking-buy-west-loop-good-luck-realtors-say

Even to the south in North Lawndale, etc there are brewpubs, etc. going in putting further price pressure from every direction but west:

http://www.chicagoreader.com/Bleader/archives/2014/06/23/an-early-look-at-the-finally-about-to-open-lagunitas-tap-room

I am relocating to the west coast which will firmly throw me into deep technical work, so I'm looking for someone local that's interested in a deal such as this as I won't have the bandwidth to continue to manage my properties here.