[Calc Review] Help me analyze this deal PLEASE

[Patrick Moore]

This property has peaked my interest.

I found it two days ago, lower asking price than the surrounding available multifamily buildings for sale. Plus, theres two buildings on one lot, totaling 4 units. I have my realtor setting up a showing this weekend so I can further inspect. I will be bringing my 3D Camera and doing a complete layout of the building with xactimate, from there I can accurately estimate all of my repair costs. 

I looked up the taxes on the cook county assessor website, and also on redfin. 

I'm not sure how to tell the property tax from the cook county assessor website, on redfin it says the annual taxes are $18,416. This seems extremely high. I'm only paying 4600 for my 2 story building in Mount greenwood, (South side Chicago). Should I bring this property to the same person that I had my taxes appealed? Would they be able to help me more with the information on the taxes on this property? 

The county assessors website has the property valued at $492,000.

Can someone help me go through the calculator and get my numbers right so I can present this property to my investors, please.

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*This link comes directly from our calculators, based on information input by the member who posted.

[John T Lizzo]

@Patrick Moore

Hey Patrick,

I'm a Chicago commercial real estate appraiser. The taxes can be quite confusing compared to other markets. Basically you take the assessed value (10% of market value for residential) multiply it by the state equalization factor of 2.9109 and then multiply that by your tax rate which you can find based on the Subject's tax code listed on the assessor's website. You can't change your tax rate, but you can fight to lower your assessed value  keep doing what you are doing and appealing the taxes if you think you have a case. 

https://www.cookcountyassessor.com/Search/Property-Owner-Search.aspx