Chicago Property in escrow
Greetings,
I am currently in escrow on this property, more pictures here(for some reason the system is not allowing me to upload pix on BP)
https://www.dropbox.com/sh/sdmi3cyvzxifqau/AAC0cct...
I am looking for a GC to rehab this property for 17k or less. The property is a Brrr strategy property @Brandon Turner i am sharing per your much valued advise.
I will propose that the tenant pay for the all the utilities and trash, but I will cover the maintenance and the landscaping.
Purchase price: $14,000
Escrow & Attorney: $2,500
Rehab costs: $17,000
Taxes: ($1,307) Chicago buyers get a credit for the rest of the year.
Purchase Totals: $33,500
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Rent: $1,050 proforma (x 12 mos.=$12,600 Gross)
Cap X: 3% (x 12 mos.= $ -3,150)
Property management: 8% ($84 mo X 12 mos.=$1,008)
Maintenance & landscaping: $200 (X 12 mos.= $2,400)
Taxes: $1,307: $109 mo.
Gov. Est. Mar. Val. $71,888
Our Est.ARV $80,000
Annual Net income assuming cap x @ 3% : $5,930 ( /12= $494 mo.)
Annual Net income assuming 100% occupancy: $9,000 (/12=$750 mo.)
Thank you all,
warm wishes,
Davon