Chicago Condo in Uptown

[Cynthia K McWilliams]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $175,000
Cash invested: $7,500

Condo in beautiful brick gated building with Courtyard in growing neighborhood, "Uptown".

How did you find this deal and how did you negotiate it?

Realtor friend

How did you finance this deal?

FHA

How did you add value to the deal?

Fresh paint after 5 years, bought a new washer and dryer unit, knocked out a portion of the wall to create a pass through window between kitchen and living area

What was the outcome?

Was able to increase my rent $100/month over time

Lessons learned? Challenges?

I would have screened my first tenant better. Tenants make all the difference in rental success, rent being payed on time, condition of unit, etc.