$585,000

New construction (2000) red brick 3-flat gut rehabbed in (2016). Brand new everything top to bottom. Fully updated market rents of $1450 + $1500 + $1650 = $4600/mo. ($55,200 gross rents) Total expenses = $9758/yr i.e. Insurance $3000+/- Water $1200 +/- Total Net = $45,442/yr. Cap rate = 7.75%!!! There are about 100+ of these 3-flats W of Western Ave in the UIC West Campus "Tri-Taylor" neighborhood. They were all built between 1995-2005 or so. They are fantastic "dual purpose" buildings. The well designed 3 BR 2 BA units are almost the perfect rental product" and attract every type of renter. So they make solid easy to manage armchair investment pieces. They also allow for an owner-occupant to collect rent from two of the units and live in the remaining unit for $1000/mo!!! At FHA 3.5% down!!! ($4000/mo+/- PITI-MI and $3000/mo +/- rents). Walking distance to UIC West campus, Medical District and hospitals. Walking distance to Blue Line L and I-290. Minutes to downtown!