Up the open stairs you will be greeted with a nice landing lounge that features another full bathroom, a very well-appointed laundry room, two more bedrooms and another family lounge / office / workout room.

One guys tactic to build a buyers list was he put bandits signs all over that said "3 bed house needs work.

-I'd say both markets are strong rental markets so that's a wash in my opinion. 

Added about 50sqft as non HVAC space where the laundry is now vs being in the kitchen previously.

The main level features an eat-in kitchen with a center island and breakfast bar, a spacious living/dining area, and access to the back deck for easy grilling.Upstairs, you'll find a master bedroom with an en-suite bathroom, two additional bedrooms, a second full bathroom, and a laundry closet with a full-size washer/dryer.

Background info: A+ area (wicker park), 3 large 3 bed legal units, 1 non conforming, 5 minute walk to El, quiet desirable tree lined street, huge ceilings, tons of light, original millworkCurrent Rents: $7220 (3x $2000 + $950 accessory unit + 250 garage)Price: Under contract for 1M, expecting about 30k in buyer concessions (nothing major, but seller indicated flexibility to address anything)Pros: 40 year owner, new roof, new windows, new garage, recent boiler/water heater - stout mechanicals, easy to duplex down into basement to make 4bed / 2bath 2250 square foot unitCons: window AC, radiator heating (3 separate meters, but one tied to boiler - owner covers heat), single coin op laundry, porch in usable but older shape, older kitchensComps: $1.15-1.25M for similar but upgraded rental (not condo standard) units.Option A: Do nothing:If I were to do nothing at all and keep rents (below market atm - at 20% down (interest rate is unfortunately very high, but such is the time - 5%) with 4% loaded for fees, $200/month for radiator gas in entire building, it's cash flow $0, CoC $0.Now of course you might be screaming this is a terrible deal - I think there's a lot of value add here for a unique building in a prime area. 

Your willingness to help others is very admirable, my father told me this post was a must read, boy was he right.

You have a couple of options you can get an appraisal on the property and have the UW use the 1007/Common rent if the rent schedule shows enough to "Wash" the payment. 

I attend the Beers and Deals meetup second Wed of every month at 401 W. Ash

We are taking on a client group that has some buildings w/ coin laundry.