Seller Financed 20% CROI Chicago South Shore Duplex

[Fernando Angelucci]

Hello BP!

We have available for immediate assignment a seller financed double lot duplex a block away from the lake in the South Shore for $135,000. The property can also be bought outright for $124,900 cash.

Address: 2716 E. 75th St., Chicago, IL 60649

Size: 2,624 sq. ft.

Unit 1: 4 bedrooms, 2 baths

Unit 2: 3 bedrooms, 1 bath

Details: Fully rehabbed at the end of 2014. Tenants have been evicted and building is in need of turnover rehab estimated to be $30,000 total. Building comes with adjacent lot with two car garage and driveway. Units are separately metered. Assigned schools are 7/10 GreatSchools.org rated elementary school and middle school, Powell Community Academies. Less than 10-minute drive from the future site of the Obama Presidential Library.

Seller Finance Details

Down Payment and Assignment Fee: $35,000

Financed Balance: $100,000

Interest Rate: 5% Interest Only ($417 per month)

Term: 3 Years

Additional Details: No prepayment penalty, first payment is not due until 3 months after closing to allow for rehab and placing new tenants.

Proforma

Total Monthly Rent: $2,600.00

Annual Taxes: $3,514.30

Net Operating Income: $18,500.00+

Cash on Cash Return After Debt Servicing: 20.8%+

Photos: https://www.dropbox.com/sh/gvupd37hwpf4tsc/AADGAhvIqY1kpE8PtRf3uzI8a?dl=0

MLS Comparables: https://www.dropbox.com/s/njahd8vu6z37roe/2716%20E.%2075th%20St.%2C%20Chicago%2C%20IL%20MLS%20Comparables.pdf?dl=0

If you used the cash flow of the property to pay down the principle balance over the 3-year finance term, you would be at over 30% equity in the property (ARV of $175,000+) and be able to do a refinance with no money out of pocket.

The deal goes to the first person to sign the assignment of contract and remit the assignment fee. If you have any questions or interest, please do not hesitate to reach out as this one will not last long!

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