Amazing deal?
Hi all,
I am fairly new to real estate and am looking to break into the Chicago market. I am a CPA and work with numbers for a living. I have one question for you. My goal is to buy a 2 BR condo and rent one of the rooms out. As an owner occupant I am pretty certain this would be ok with most condo associations. My question is this, I came across this 2 br condo foreclosure which I fell is dirt cheap for the area as the rent is fairly high. Can someone glance over this and explain to me how this could potentially be a bad deal?
http://www.zillow.com/homedetails/3950-N-Lake-Shore-Dr-APT-2315-Chicago-IL-60613/3713619_zpid/
Based on the Zillow my mortgage payment would only be $491 mo (with a 20% down payment) where I know for a fact I could rent the room out for approximately $700-$800 once it's in decent condition. Any feedback would be appreciated.
Regards,
Don