Greystone 2-Flat - Englewood - Rehabbed in 2010 - Wholesale Deal

[Danny Duran]

Asking Price: $69,000. ARV: $210,000

$210K x 70% = $147K (ARV x 70%)

                          $30K     (Repairs)

$117K (ARV x 70% - Repairs)

Instead of $117K, you can pick this up this deal for $69,000!

Pictures of 5724 S May St in Dropbox:

Property Type: Graystone 2-flat in Englewood. (4 bedrooms in top floor unit, 5 bedrooms in the bottom duplex unit) with 2.5 car garage. Rehabbed in 2010. Top unit is vacant; bottom (duplex down) unit has a squatter in it.

Beds: 9; Baths: 3

Levels: Two units

Description of Square FT: 2652 Sq. Ft.

Year property was built: 1904

Garage: Needs to be repaired

Lot size: 3750 Sqft. land

Taxes: 2014 Taxes are current. No Sold or Delinquent Taxes for this PIN as of 1/24/2016

Needs $30K in cosmetic repairs ($15K for 2nd floor unit; $15K for 1st floor unit). Photos of needed repair work are attached. The top floor unit ceiling has water damage. Source of the water leak was the roof, which has been repaired, so, cosmetic repair is all that's required. The garage was not included in the 2010 rehab, so, it needs to be repaired. There are building violations (see attached PDF below) - "PLUMBING COMPLAINT INSPECTION # 11667030" & "City of Chicago Department of Administrative Hearings Docket # 15BT05485A." The building violation list has a DEMO COURT matter that was closed in 2011; no mentions for demo court since.

Comps

$219,000 - 0.1 mi - 8/2 baths - http://redf.in/1LmvGKS

$228,000 -0.4 mi - 8/2 baths - http://redf.in/1Qc3id8

$234,635 - 0.7 mi - 6/2 baths - http://redf.in/1TeEfub

$240,000 - 0.8 mi - ?/2 bath - http://redf.in/1TeEfKv

$305,000 - 1.1 mi - ?/2 bath - http://redf.in/1LMJLMx

Seller Requirements of the Buyer

1. The transaction shall commence on an “As-Is.” basis;
2. Not later than April 1st 2016, Buyer shall have fully resolved and satisfied all matters relating to City of Chicago Department of Administrative Hearings Docket # 15BT05485A, as referenced in the enclosed. Upon resolution, Buyer shall provide proof of the same to Seller. This provision shall survive closing.
3. Seller shall not be obligated to tender possession at closing. Buyer shall assume property subject to any tenancies, “squatter issues,” leaseholds and relating matters.
4. Buyer pays all closing costs

Pictures of 5724 S May St in Dropbox: http://bit.ly/1T3gqFb

Proof of funds must be furnished in order to schedule a viewing.

Contact me with offers: [email protected]; (773) 672-7733