Property cash flows about $700/mo after the mortgage and expenses.The property does need some work to attract better tenants in the future and to make the property look more appealing.

You'd own those three properties in cash with no mortgage.

Hello Christopher, you do take into account your rent but once you rent the other unit out it usually covers your mortgage and may put a little extra in your pocket.

Now my mortgage is a 15 year at 3.5%.

Well be sure when you run the numbers against your current rent number... specifically calculate how much you will be paying in the mortgage interest, property taxes, and expenses on the property.

Also if you are getting $1,000 a month after expenses that's a whole lot different, and it may be even better than I expect from a deal if you are counting mortgage payments.

HI I purchased a home in a multi unit (R4), high density zone.I am currently renting the house cash flow is just $50 after mortgage payment.This house has a big workshop in the back with a high rise ceiling, brand new roof, electricity and water.It sets in a half an acre lot so I am able to rent the workshop and land for $700 a month Total cash flow on this property is $750 a monthI'd like to enclosed this workshop (it has 3 brick walls already built) and make it into a livable place.I can still rent the land and keep the cash flow at about the same amount ($700).However there's no sewer  at this house just 2 septic tanks attached to the main house.Workshop will need:windowsanother walldoorscooling and heating systemBathroom etc...I can build build more units attached to the current workshop since there's so much land to play with but i have no idea of the cost.I purchased this home for $150k in 2016I owe 143Klast month I paid for an appraisal and the current value is at $185(flooring was the only improvement at the house).Question is should I refinance and bring in sewer line, build more units or live it the way it is?

In regards to the terms, I received a 30 year fixed mortgage with a 4.4% interest rate, at the time I got approved I was at solid 690- 700 credit score but my credit has grown since then.The home warranty is about $960-$1,100 annually which averages to about $83-$85 monthly, and covers just about everything in BOTH UNITS, the sweet part is my realtor fought for it to be paid at the closing by the seller, so I ended up getting the first year essentially for free.

” (35 ILCS 200/15-175) The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $7,000 in Cook County and $6,000 in all other counties.Our scenario is my mother and step dad live in a SFR of ours and their rent is solely based on the total costs of the property (mortgage, insurance, and property taxes).

But that's probably hard to find - specially someone who will trust you to pay the 5-7% you promise them.The other (more realistic) option is to call a mortgage broker.