Brick 4 Unit - Chicago 80K (Chattam area)

[Zach Shuta]

We are offering 9625 S Forest Ave for an immediate assignment of contract at a total purchase price of 80,000.00. Sale will be As-is and buyers must be cash buyers or privately funded by a source that understands assignments. The property is a brick 4 unit building, currently partially occupied but can be vacated by Nov 1 at which time we can coordinate an immediate closing. The building does need repairs and we estimate approximately 15k per unit in repairs/upgrades along with 20k in general building repairs. Each unit is comprised of about 800sf with 2 beds and 1 bath. Buyer pays all title costs at closing.

Pictures

Rent role should be no less than 800/unit at an annual gross of 38400. Expenses estimated at around 12000.00 (conservative) and NOI at 26,400 for a CAP rate of 16.5%+The repairs include:
Interior: carpet 8K, rental kitchens 4x 6k, rental baths 4x 4k, paint 7.5k, and 5k miscellaneous (drywall patching from previous leak that has been repaired).
Exterior will likely need some roof work and brick tuckpointing. Estimated at 20k to be conservative.

Comps are as follows:
9535 S Forest Ave , Chicago, Illinois 60628 - CTG - 2 units rehabbed10024 S Forest Ave , Chicago, Illinois 60628 - Closed - 2 units - rehabbed

As-is - similar condition
9630 S Forest Ave , Chicago, Illinois 60628 - CTG - 2 units - As-is needing rehab657 E 92nd Pl , Chicago, Illinois 60619 - Pending @ 319k - smaller 4 unit, boarded up. not sure of the story here?