Potential Flip - Chicago (Wicker Park/West Town Area)

[Kevin Huang]

Came across a ~3200 sq. ft. 2 unit property in the Wicker Park/West Town area of Chicago listed at $450k, which seems like a bargain especially considering the area and the condition of the property.  Everything is fully finished including the attic and basement, appears to be well maintained, and has 2.5 car garage space as well.  Located extremely close to the 606 (recreational running/biking trail).  Existing tenants are paying less than 50% of the market rate for rent and I'm unsure of how easy it will be to raise income to market, but assuming that is possible, it will be ~6.5% cap.  Separately metered for electric/gas/heat.

Unit 1:

3bed/2bath

Unit 2:

4bed/2bath

Chicagoans (or those familiar with the area), would you agree that this seems to be a good candidate for a flip?  I currently do not meet the loan requirements to engage this deal by myself, but would be very interested in partnering with someone if anyone out there is interested!

[Nick Patterson]

Oh I see. Once you double the rents it will be a 6.5%. The question is if you flip the property there is no meat on the bone for the new buyer... what about converting the 2 flat to a single family and selling to an end user. I have a feeling you are taking about the new frame listing on Rockwell? (West of western)