$359,000

8 Bed, 0 Bath, Approx - Sq Ft

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Let your tenants pay your mortgage and live for free! The Woodlawn neighborhood is red-hot and one of the fastest appreciating Chicagoland neighborhoods! This is a lay-up and an excellent opportunity for a smart first-time home buyer that wants to start building a rental portfolio! Building was completely renovated in 2017 and has been maintained beautifully. There was a quality $200,000 renovation performed (All work performed with permits). There is plenty of equity built into the asking price which provides the new home owner with the room to customize the vacant unit to your liking! 2 flat properties are selling for $400,000 in Woodlawn within a mile of this property and this is a legal 3 unit building (Zoning certification obtained in September 2019). The occupied units are being rented below market rate per owner preference. Both tenants have month-to-month lease agreements. The 3 bedroom units can rent for $1,300+ and the 2 bedroom unit can rent for $1,100+. That's $3,700+ per month in monthly rental income! Tenants pay their own electric and gas! Laundry hook up already prepared, add coin laundry for extra cash flow. You can also add a parking pad for about $2,000 for even more cash flow. This is a Chicago land mark block! Close proximity to The University of Chicago! A few blocks away from the Green Line and the Metra! Hyde Park is next door! The Lakefront is near and the property is also around the corner from the new 61st/Cottage Grove Jewel grocery! Greenline Coffee one block away! Make an offer, this one won't last long!

Status: CLSD

Partner Agent

Tom Brown

Phone: 312-502-8213

Email: tb@sparrowrealty.us