Deal of a Lifetime - Chicago Mansion AirBNB with >60% CoC!
I have am liquidating all of my Chicago area properties and felt this one was a better fit here.
It's a circa 1895 Richardsonian Romanesque Mansion in Chicago near Western/Washington that I have restored over the past 4 years.
I've had it listed on AirBNB for a couple of months and it's generating about $800-$1000/month per bedroom (using December/January occupancy rates/pricing). Between the main house and the coach house there are a total of 9 private rooms (one being as complete master suite with private finnish sauna and bath!) meaning that this property will generate between $86,000-$108,000 per year!
A breakdown of the deal is as follows:
Assuming 4% interest, 30 year mortgage w\25% down payment.
Purchase Price: $475,000
Down payment $118,750
Closing Costs: $10,000
Estimated Yearly Rents $108,000
Estimated Yearly Expenses (includes $20k/year staffing costs) $40,000
Yearly Debt service $20,412
Net cash flow after expenses & debt service $47,588
Total Cash Invested Year 1: $179,162
Cash on Cash 60.2%!!!
If interested, please feel free to contact me, this is a once in a lifetime opportunity to own a home like this and for the right buyer I'm willing to provide financing.