South Shore Area Feedback + Cap Rates on 47 unit

[Khizer Husain]

Hello,

I am looking a 47 unit Multi-Family Rehab project in the following area specifically:

E 75th st Chicago Illinois 60649.

It is a 40 unit + 7 unit commercial rehab project. A few questions:

1) How is the area? How is the renters market there specifically?

2) What kind rents can I expect for 1 and 2 bedrooms?

3) What are the going cap rates for stabilized B and C class buildings in that area?

4) I want to get the 7 commercial units converted into apartments? Ive been told this is possible and the new mayor has removed redtape for this process. 

Please confirm all. Thank you