$125,000
4 Bed, 0 Bath, Approx - Sq Ft
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Welcome home to an all brick, 2-unit building in very good condition! This property makes tremendous sense as an owner-occupied purchase or as an investment purchase. As an owner-occupied purchase, you can live in one unit and rent out the other unit for at least $1,000 per month; you would then own the entire building and basically live for free! Furthermore, as an owner-occupied purchase, you can utilize FHA financing with a 3.5% down payment and the Seller of this property will even assist with closing cost credits! For instance, your FHA payment will be about $801 per month with a 3.5% down payment at a 3% interest rate for a 30-year mortgage along with a $1,548 per year property tax bill and a $75 per month homeowner's insurance bill and a mortgage insurance premium of $88 per month. In short, your FHA mortgage payment will be about $801 per month but you should be receiving rental income of about $1,000 per month, which results in about $200 in monthly free cash flow or $2,400 in annual free cash flow. Please consult your loan officer for confirmation. Or, conversely, you can purchase this 2-unit as an investment and you can still make money every single month! Both units feature two (2) bedrooms and one (1) bathroom along with a very spacious living room/dining room area, hardwood flooring throughout, carpeting in the bedrooms and many windows for that natural, crisp sunlight. There is no garage but there is ample street parking. This is a great investment! Right now, the property taxes are $1,548 per year and there is no homeowner's exemption. The property taxes will be reduced to about $859 per year if your client plans on living in one unit and successfully applies for a homeowner's exemption, which is very easy to do. A must see. This is an as-is, where-is sale. NOTE: WE ARE IN A MULTIPLE OFFER SITUATION. ALL BEST OFFERS ARE DUE BY 10 AM ON 08/26/2020.
Status: CLSD
Partner Agent
Tom Brown
Phone: 312-502-8213
Email: tb@sparrowrealty.us
Assigned Schools:
| School | Low Grade | High Grade | SchoolSparrow Score | Langford A Elem School | PK | 8 | 1 | Gage Park High School | 9 | 12 | B- |
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