Want to House-Hack in Chicago and live for free?
This is a LEGAL 3-flat in the Irving Park neighborhood of Chicago. All 3 units are actually 1-bed units. All 3 are currently on M2M rentals as well. New roof in 2017 and newer garage. Unit 1/2 are GFA systems and top floor has it's own heater/window units.
Unit #1 is 3 steps below grade. Current tenants have been there for awhile but are leaving this summer. Can EASILY get $700/month, maybe a bit more. this would be the best unit to House Hack.
Unit #2 is a large 1 bedroom with den. it's somewhat upgraded with newer bath. Current lease ends in May, but tenants want to stay. This unit consistently gets $1400/month.
Unit #3 is the top floor and tenant occupied by the same woman for 25 years! (Yeah, you heard me right). My owner has been very kind and not raised her rent at all in awhile. It's not big, but market rents are probably closer to $1000/month for this.
IF someone lives in the garden and rents out the others for $2400/month, that will completely offset the mortgage with 20% down. (My mortgage broker said $1,932/mortgage and $454/taxes each month).
This is going LIVE on the MLS next week, but I got authority that I can list here first. Yes, we will cooperate with brokers, but it would be a savings to the buyer if they didn't have a broker. Reach out today if you'd like to see it.