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Updated over 1 year ago,
Chicago Condo BRR - Anchor investment sold to developer as part of a deconversion
Investment Info:
Condo buy & hold investment.
Purchase price: $155,000
Sale price: $244,000
1 Bedroom condo in the heart of Chicago's Lincoln Park. Beautiful vintage brick building with 90 walkscore. Over 16 years it was both my primary residence and rented it out to young professionals.
This was an anchor property for me - I was able to pull out equity over the years with a couple lines of credit to fund additional investments. BRRR before the BRRR term was coined :>)
What made you interested in investing in this type of deal?
Lowest priced condo in one of the highest neighborhoods.
How did you find this deal and how did you negotiate it?
MLS
How did you add value to the deal?
While living there I hired a handyman to complete a pretty thorough rehab that drove rent value up including:
* Knocking out a wall between kitchen and family room to open up the space
* New kitchen cabinets/appliances
* Installed in unit washer/dryer
What was the outcome?
Ultimately the property was sold to a local developer who bought out all unit owners and de-converted the property back to an apartment building.