This a cash deal in a community where renting properties are in high demand with above average rates. This is due to the proximity to Illinois. People are attracted to this town because of the low taxes (compared to IL) and highly rated school system. I also own the unit above this one and have had 42 consecutive months occupied (3 different tenants). This property is best suited for someone looking for some safe cash flow. The management company (I'm on the association board) does a great job keeping the properties in great condition.
The property is minutes from Community Hospital and the expressways. Downtown Chicago is a 45min drive. BP and the mills are about 25mins north. It's all about location and this place attracts renters. It is move in ready. Upgrades would not really increase rents much as they are already in the SFH range. Washer/Dryer are owned by association. HOAs cover water, garbage, lawn/snow, exterior. Unit responsible for electric (including HVAC).
Price: $95,000 (ARV is $113-115K so 16-18% instant equity)
Expenses : $6480
tax $2700, HOA $2630 (189/m with 2 special), insurance $400, CapEx $750 (5%)
Gross rents : $14,400-$15,600 (mine is rented at $1300/m and others at $1200/m)
NOI : $9,120
Cap 9.6
CCR 9.6%
PM me if interested
