Chicago - Englewood - Multifamily - Buy and Hold
Hi - We are under contract on our first buy and hold that we have been able to find that has decent numbers...Would appreciate any reaction or input anyone has to this deal...good/bad/bad assumptions etc.
Location - 63rd and Halsted (very close to the new whole foods development
Property - Grey stone with 2 units (3 bed/1 bath) unfinished basement with laundy and 2 car garage. Owner doesn't know exactly when remodeled but likely between 2009 - 2012 so is in pretty good condition. One unit is owner occupied right now and 2 one has never been rented.
Price - 105,500
Financing - 25% down at 4.625
Rents - $1000 per unit so $2000 monthly...hoping that is conservative but curious thoughts...
Vacancy Assumption - 6%
Repair Assumption - 10%
CapEx - 6%
Property Mgmt - 10%
Cap Rate - ~9.5%
As always appreciate the feedback.
Thanks-Leslie