A lot of people get hung up on needing to get a grand slam 30% return on your money when they start out and the reality is it’s okay if it’s not a smoking deal and just a plain vanilla investment instead .

If you look at the red or dark metal strip along the edge of the ceiling bottom, this is where we will attach the ceiling.

Holy smokes!

Also, smoke damage gets into everything!

On top of that, it appears tenants had the fireplace going without opening the flume so there’s “smoke damage” on walls, trim, and ceiling.

So just wait for the listing to expire and I don't think that their is any ethical hang ups at that point.Doesn't sound like the agent is going to pull something out of his butt the next few days and its not a smoking hot deal other investors are going to try to get in front of you.

We can judge what has actually been done after the fact, at the end of a month or year, we know what our cap rate is for a single unit and we can judge our operation by comparing to other similar operations in the market.Estimating a future or expected cap rate is a shot in the dark, a guess unless you have statistically valid population of units to compare one unit to.

Also consider the condition of the laundry facilities....a dark and dingy room in the basement that looks like you could get mugged in is not going to do as well as a brightly lit, large and clean room with clean machines.  

Thanks,Eric Van VlietHoly Smokes!  

For Chicago leases, I use the Chicago Investment Corporation (CIC) lease template which is specific to Chicago along with my own addendum (which includes things like fee schedules and building rules such as no smoking).