Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

17
Posts
5
Votes
Ryan Redenius
  • Investor
  • Chicago, IL
5
Votes |
17
Posts

4 unit in Chicago - first deal

Ryan Redenius
  • Investor
  • Chicago, IL
Posted

Hey all - 

I'm looking at multi-families in Chicago for my first deal and went to view this 4 unit on Saturday: https://www.redfin.com/IL/Chicago/3500-W-Cullom-Av...

All units are 2 bedrooms and current gross rent is $40,140 annually.  The upside is the rents are below market value and there's an additional revenue opportunity with the parking spaces (they say there's 7, but it looks more like 4-5, realistically).  Based on properties in the area rent could be increased to bring in btw. $50,400-60,000 gross annually with some small cosmetic fixes.

I've attached some screen shots on the numbers below.  These assume the rents are raised.  Would really appreciate any feedback given that I'm new to this as I'm sure there are some things I'm not thinking of that I should be.

Thanks in advance!

Most Popular Reply

User Stats

1,129
Posts
1,044
Votes
John Casmon
  • Cincinnati, OH
1,044
Votes |
1,129
Posts
John Casmon
  • Cincinnati, OH
Replied

@David Zheng How else would you expect @Ryan Redenius to learn and know what to look for in his analysis? If he really thinks he has a hot deal he should lock it up first with a contingency to get out of the deal, but the forum is meant for him and others to better learn how to analyze a property. Better to lose your first couple of deals while you figure out what to look for than acquire a property based on bad assumptions.

  • John Casmon
  • Loading replies...