Hi all,
I have found a one bed for sale in the northside of Chicago that I am considering making an offer on.
I used to rent in the building and had to sublease the unit I was in. As such, I know the building is of good quality and I know how much I could charge for rent.
Key points:
- $260k likely sale price w/ parking included.
- $1850/month rent with parking is achievable
- $8000/year for HOAs and taxes
= Annual return of around 5.45% before any repairs are factored.
Pros:
- I know the building. It is less than 10 years old and pretty well built.
- Desirable area and can attract reliable tennants
- Near by and I can fill it 100% of the time I am sure.
Cons:
- Not exactly lucrative return
- Housing prices are cooling. Could they drop?
Any thoughts greatly appreciated.
I have found a one bed for sale in the northside of Chicago that I am considering making an offer on.
I used to rent in the building and had to sublease the unit I was in. As such, I know the building is of good quality and I know how much I could charge for rent.
Key points:
- $260k likely sale price w/ parking included.
- $1850/month rent with parking is achievable
- $8000/year for HOAs and taxes
= Annual return of around 5.45% before any repairs are factored.
Pros:
- I know the building. It is less than 10 years old and pretty well built.
- Desirable area and can attract reliable tennants
- Near by and I can fill it 100% of the time I am sure.
Cons:
- Not exactly lucrative return
- Housing prices are cooling. Could they drop?
Any thoughts greatly appreciated.