5-unit edge of Hermosa and Logan Square
I have a contract on a 5-unit for $440,000 that I'm looking to flip for 2.25% assignment fee. I've done the due diligence and everything's ready for closing. I'm looking for a cash buyer for this one. Only contact me if you have cash and can provide proof of funds, and can close in less than 30 days. All that's left on this is appraisal and closing. I have pictures and video, and you can get through with your contractors and all during the appraisal. I'll turn over all due diligence items once you've placed funds in escrow
Property is a legal 5-unit with a brick frame front building and a coach house that's a combination brick and siding. The exterior, mechanicals, and roof are all in great shape. The units electric panels are all updated to 100 amps, the units all have separate heat, and the tenants pay all the utilities except water. The units are dated and need cosmetic updates.
| Unit | Beds | Baths | Current | As-Is | After Rehab |
| 1F | 2 | 1 | $850 (Vacant) | $1050 | $1250 |
| 2F | 2 | 1 | $1175 | $1175 | $1250 |
| 3F | 2 | 1 | $750 | $1050 | $1250 |
| 1R | 3 | 2 | $950 | $1050 | $1200 |
| 2R | 1 | 1 | $550 | $800 | $1050 |
| Totals | $4,275 | $5,125 | $6000 |
Below is a summary of the current, as-is and after rehab numbers. Only serious inquiries. All due diligence documents will be turned over after contract is signed and assignment fee is escrowed.
| Current | As Is | After Rehab | ||
| Income | ||||
| Annual Income | $51,300 | $61,500 | $72,000 | |
| Vacancy | ($2,565) | ($3,075) | ($3,600) | |
| Gross Income | $48,735 | $58,425 | $68,400 | |
| Expenses | ||||
| Taxes | $11,389 | $11,389 | $11,389 | |
| Insurance | $2,000 | $2,400 | $2,400 | |
| Trash Service | $1,044 | $1,044 | $1,044 | |
| Landscaping | $900 | $900 | $900 | |
| Electric | $200 | $200 | $200 | |
| Water/Sewer | $2,000 | $2,000 | $2,000 | |
| Repairs | $2,565 | $3,075 | $3,600 | |
| Reserves | $2,566 | $3,075 | $3,600 | |
| Total | $22,664 | $24,083 | $25,133 | |
| NOI | $26,071 | $34,342 | $43,267 | |
| Cap | 5.7 | 7.6 | 9.6 | |
| Debt Service | $23,212 | $23,212 | $23,212 | |
| Cashflow | $2,859 | $11,130 | $20,055 | |