BiggerPockets

I have one available for you if you are still in the market or if anyone else is...

There is a 3 Unit in Chicago that is selling for $105,000. Valued at $175K-$190,000.

All are 3 Bedrooms and 1 Bath per unit. Amazing deal and will not last long.

3Bedroom, 1Bath can be rented out for $900 - $1000 per unit.

This is a short sale so must have cash to close. 3rd unit needs about $10K in rehab. 1st and 2nd unit is rented out on a month to month basis. If you are out of town we can link you up with a rehab crew and property management company.

If interested in this let me know. Contact me through my profile.

Hey - not busting your chops here but how do you get to $2,000 per month cash flow?

Can you run me through the math - what are you figuring for finance costs / yearly expenses?

I am not saying these are or are not good deals just not sure I follow how you get to $2K a month based on the numbers you gave us.

mr investor you seem to be missing the larger point here

neil posts up here that his property will cash flow at 2,000 per month.

You say it will cash flow at 850 per month still 1150 short then what neil said it will cash flow at.

i too would like to see HIS math not your math. how do you get to 2,000 cash flow on these?

also if he is bs'ing about the cash flow or using cash only no expenses ever forumula i think the newbie investors on here need to see that so they can make a decison.

if he is misrepresenting the cash flow here (and by your math your suggesting he is) then what else is wrong with his assumptions.

speak up neil.

I too would like to see Neil's math.

Given a range of for any number, I tend to go with whichever end is worse for me. I'd assume $900 for rent for an evaluation. I'd go with the $650 cash flow. That's still quite good, so this looks like a good deal. Just not $2000 a month.

Sorry for the delayed response...Here is the math:

Expenses:
Debt Service (6% Mtg Amount of $84,000) = $503.62
Insurance: $100.00
Taxes: $250.00

Optional (Property Management): $225 - $300.

Income = $3,000
Total Expenses (w.o, Prpt Mgmt) = $853.62

Cash Flow $2,000+

Some people will not qualify for a 6% loan so based on 7% you are looking at a mortgage payment of $558.85.

Now to clarify the $84,000 loan is because usually they require 20% down for the non-owner occupied properties. However if you were to buy cash fix up the 3rd unit you should be able to get the loan at $105,000 since it would be similar to a refinance.

Although a $105k loan would be around $700 as Mr. Investor said.

Great deal either way. I have had a few interest on this property already however no contracts just yet so it is still available. As to Robert S question this deal is near the 4700 block of Polk. Chicago, IL. near the 290/cicero exit.

Feel free to send me a message for similar deals or to connect with me.