i have a question about a property in south Chicago, by W 52nd St and S Sangamon st
its a 4 unit building, 1 bedroom per unit. it needs a lot of work. i'm wondering if i invested to fix up the place and make it very nice, and wanted to get better tenants, what would be the most i could charge rent in that area?
I use https://www.rentometer.com/ for rent estimates.
depends on your level of finishes. I suggest you look at other comps and decide your rehab budget/specs based on the #'s. Can range a bit based on finishes and if you decide to go the section 8 route.
best of luck.
$625 to $700 if no heat included. Up to about $750 if heat included.
And of course it depends on the apt finishes. Add maybe another $50 if they are finished really nice and have separate dining rooms. But in that market price usually trumps nice. Price is usually the biggest motivator for that area.
I had an agent tell me that i could get $950-$1000 if done really nice. so i'm trying to get other opinions from the experts in that area.
@Schneur Yecheilov Was it the listing agent that told you that ?
@Ronan M. I'm not happy with the property manager i currently have. so i had a different property manager/agent look at the property to see what my options are.
He said he could sell it for me as is, or i could put in 40k to make the place look very nice and then rent it out for $950-$1000 monthly. this price sounds a bit high to me for that area so i wanted to get some more opinions from others in that area.
For that area $950 to $1000 for a 1 bed is a stretch.
I'm a realtor in that very area. I live just on the other side of the highway. I just did a rental near Sherman Park. Renovated 1 bed $950. The South side is a gold mine when it comes to cash on cash returns. The problem is very low appreciation and valuations on IRR does not favor low appreciation areas.
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