Chicago 2 flat duplex.
So I recently bought a foreclosure duplex that was built in the early 1900's for $260k. Went thru the rehab process to bring the building up to date and spent about $120k on the renovations. Now the identical sister building is going to be up for So I recently bought a foreclosure duplex that was built in the early 1900's for $260k. Went thru the rehab process to bring the building up to date and spent about $120k on the renovations. Now the identical sister building is going to be up for sale. I spoke to the owners and he's looking to do a deal with me for $475k. He paid $445k 4 years ago and since did some minor updates including a new garage. While upfront it seems to be no deal, I'm wondering if I took the property subject to and keep his financing in place if I could make this work. Rental commands about 1400-1500 per mth I could also add a unit in basement for 10k that would return an easy 900-100. I spoke to the owners and he's looking to do a deal with me for $475k. He paid $445k 4 years ago and since did some minor updates including a new garage. While upfront it seems to be no deal, I'm wondering if I took the property subject to and keep his financing in place if I could make this work. Rental commands about 1400-1500 per mth I could also add a unit in basement for 10k that would return an easy 900-1000 mth. I'm guessing that the mortgage plus taxes run $2800. Thoughts.?
