Donating ~17 distressed SFH's in Chicago

[Jake C.]

Hi All,

I have a friend that had a large single family rental portfolio here in Chicago in 2012. He ran into some financial trouble, went through bankruptcy, and ended up with a remainder of his initial portfolio, about 17. 

All of these are in the city of Chicago and were once renovated to rental standard. They are now likely stripped but vacant and secure. Most of these are in Englewood, Roseland and one in historic Pullman. 

There is about 15K per door owed in property taxes and water bills. He has an investor that will pay off the liabilities in return for the homes, but I thought this might be an opportunity for him to donate the portfolio to an appropriate non-profit. Based on the home sizes, assumed condition and areas, and a light surface scratching of comps, I would guess these are worth 15-25K per door as-is depending on address, but this should not be relied upon and you'll need to do your own due diligence.

Does anyone here know of a non-profit that might be interested in a donation of this sort?

Thanks!

[Mark Ainley]

@Jake C. there is also Cook County Land Bank.  Any of the NFPs do move slow so if he is looking to do something in next 30-90 days that might be a better option.  Based on the investors tax base in each property I am sure he will get a substantial loss based on selling/deeding them for the fines/taxes he has on them now so can’t see there to be a huge tax advantage to dontating them.  The NFPs typically take on projects no one else would so they may not want to take this on.