Real Estate Investor · Cali · Member since 2015 · 86 posts · 7 votes
I am selling my properties in historic Pullman district in Chicago that will have permit to convert to 2 seperate row houses in about a month. This is not a wholesal deal. This is an offmarket deal. Cash or rehabbed loan only. Selling as is.
The permit will be to convert the side by side duplex to 2 row houses. Each house will have 4 bed and 2.5 baths (1bd 1bth in the basement). There will be 2 car garages for each house. The nice thing is the basement will be separated which is very is hard to find in this area. Another nice thing is the demo has been done, so once you get the permit, the rehab time will be faster. Permit for rehab in historic distric take 5-6 months from the beginning, so this save you a lot of time. Rehabbed cost is estimated at $100k. I have a GC who is in contract to do it for $90k and I have already paid him for the demo. If you want to use him, I can refer.
The historic Pullman is quiet and safe neighborhood with very low inventory for rehabbed row house, so exact comps are hard to find. But each row house can be sold for $145-$150k each.
Real Estate Investor · Cali · Member since 2015 · 86 posts · 7 votes
9y
Each row house can also be rented for $1500-$1600 depending on the finish brining the total rent amount to $3000-$3200.
Update on the permit situation:
The City of Chicago has completed their review for the project at 11421-23 S Champlain. All departments, including Landmark, were approved except for plumbing. Plumbing’s comments are as follows:
The new water service shall be 1 1/2” with 20 GPM booster pump.
The new water meter shall be in a vault in the city parkway.
They will also require the electrical application filled out and signed by the electrician and letter of intent from the plumber.
So the permit is almost ready, just have to get the electrician and plumber application filled out. My architect can also work with buyer to get the permit fees reimbursed by the city.