Off-Mkt Deal: Brick 4-Flat in Marquette Park- Cosmetic Flip

[Danny Duran]

This is a 6 bed / 4 bath brick 4-Flat (2 - 2/1 bath units; 1 - 1/1 bath units). Unit 1F is vacant. Units 1R, 2R, and 2F are occupied by non-paying tenants. Buyer responsible for eviction/cash for keys removal process or screening to get performing again.

This property sits right across the street from a large middle school, and the area is fairly quiet. I know this deal won't last long, so if you're interested let me know ASAP. Proof of funds is required before any showings will be scheduled; offers must be accompanied by a $2K earnest money deposit.

Call (773) 672-7733 ASAP or drive by - do not disturb the tenants

ARV: 170K

     70%     119K

     Repairs: 50K

MAO: 69K; You can pick this property up for only $55K!

Notes: Landlord pays water; tenants pay all other utilities

Levels: 2 floors of living space + unfinished Basement

Finished Sqft: 3,370 Sqft.

Build year: 1927

Garage: None.

Repairs: Only minor cosmetic repairs needed to lease units at moderate rents. See Dropbox link below for photos of property condition. With $50K in cosmetic updating, you can fetch maximum rents and achieve the ARV of $170K.

Comps

$170K - 0.9 mi away - 6/3 baths -https://www.redfin.com/IL/Chicago/6635-S-Maplewood-Ave-60629/home/13985956

$180K - 0.8 mi away - 6/2 baths -https://www.redfin.com/IL/Chicago/6627-S-Artesian-Ave-60629/home/13986136

$158K - 0.4 mi away - 6/3 baths - https://www.redfin.com/IL/Chicago/6646-S-Washtenaw...

Complete Comparative Market Analysis: http://cloudcma.com/pdf/546d50f95884c8988b55fcec15281452

Seller Requirements of the Buyer

1. The transaction shall commence on an