$115,000

1 Bed, 1 Bath, Approx 0 Sq Ft

Please Register to see Address and all Pictures

Welcome home to a cute, quaint and cozy, top floor, one-bedroom unit with that perfect, east facing balcony view facing the pool, and sunrise! Walk into the living room area highlighted by a large balcony door with its inviting natural, crisp sunlight. Unwind on your balcony with your morning coffee in hand or enjoy that perfect, early evening barbeque meal. The living space opens up to a functional kitchen with ample space for a breakfast table. Then head to a very spacious bedroom with a deep, walk-in closet. Yes, the unit needs cosmetic work but the location, space, and building and area amenities are absolutely perfect! WHAT IS MY MONTHLY MORTGAGE PAYMENT AT A PURCHASE PRICE OF $115,000 WITH JUST A 5% DOWN? Your monthly mortgage payment will be about $1,161 per month based on a selling price of $115,000 with a 5% down payment (or $5,750, which is very little) at a 3% interest rate with a property tax bill of $1,621 per year, a $25 per month homeowners insurance bill, a $506 per month HOA bill and a $35 per month mortgage insurance premium. Or, you could put down 20% or $23,000 at a purchase price of $115,000 but that only reduces your payment by about $108 down to $1,053 per month. It is wise to put down a lower down payment of 5% and then keep the additional money in your account. CAN I RENT IT OUT? Yes! ARE THERE RENTAL RESTRICTIONS? No! IS IT CHEAPER TO OWN THAN RENT? Yes! Live in it and, then, in the future, keep it as a rental! With a little cosmetic work, you can rent it very easily and quickly for $1,350 per month. Or, if you purchase this unit with cash, you will earn about $700 per month in free cash flow based on a $1,350 per month rental lease and expenses of $500 per month for association dues and $150 per month in property taxes. This produces approximately $8,400 per year in free cash flow. WHAT IS MY NET CASH-ON-CASH RETURN IF I RENT IT? You are looking at a 7.30% net cash-on-cash return. Buy it as a rental and make a solid 7% return on your investment and you will also receive all the tax benefits of owning your own rental property such as, but not limited to, depreciation and write-off's. A 7.30% rate-of-return easily beats the 0.05% rate-of-return offered at local banks. CAN I LIVE IN THE UNIT AND RENT OUT THE PARKING SPACE? Yes! You can live in your unit and rent your indoor, heated parking space for at least $150 per month and then use this $150 parking space income to offset your total mortgage payment. CAN I EVEN SELL MY PARKING SPACE SEPARATELY? Yes. Recently, a parking space sold for $10,000 within a day (MLS# 11103480). WHAT DOES MY MONTHLY ASSOCIATION BILL OF $500 PER MONTH COVER? A lot! It covers elevator maintenance, an in-ground pool, a heated underground garage parking space, an indoor self-wash bay for your cash, a large storage unit and a bicycle storage area; it also covers heat, water, sewer, gas, air conditioning and landscaping and snow removal services! Unit owners only pay a light bill. That is it. WILL THE SELLER ASSIST WITH CLOSING COST CREDITS? Yes! Just ask. Nevertheless, and in addition to all these benefits, this unit is in an excellent transportation artery near 90 and 290 along with close proximity to Woodfield Mall, great primary and secondary schools and countless local restaurants. And there is much more. Like a cat friendly complex (sorry, no dogs). Garage space #75. Storage space #B314. An indoor car wash station. A pool. And more! Show and sell. A great unit. A great area. A great investment. Easy to show.

Status: CLSD

Partner Agent

Tom Brown

Phone: 312-502-8213

Email: tb@sparrowrealty.us