Rehabber · Chicago, IL · Member since 2015 · 73 posts · 20 votes
I have flipped a few houses, but wanted to try keeping and renting. I just closed on a jumbo two unit in the Woodlawn neighborhood of Chicago. 2 3/2's. First floor is in pretty good shape, and the second floor needs some work. As a bonus, I found a secret safe on the second floor behind a sliding panel! Unfortunately, the safe is empty. The guy who owned the building in the 40's-60's apparently was involved in "the numbers". If I can figure out how to post pics, I will do so. I might start a blog here on the site to show progress. Thanks all! Derek
Congratulations. I would love to know the price point you are operating at in that neighborhood. I like to compare and contrast for my area (Northside) and see how the numbers play out.
Congratulations. I would love to know the price point you are operating at in that neighborhood. I like to compare and contrast for my area (Northside) and see how the numbers play out.
Thanks for the comments. The 2 unit (water records may give me a garden unit, adding a third) was 65K, and it needs about 35K in work.
I decided to do a member blog here: https://www.biggerpockets.com/blogs/7622/47674-pre.... So, I will post pics as I go. I think if you right click on the abbreviated link above, it will take you there. For some reason, I am having a hard time getting back to my own blog page.
The first floor unit is in pretty good shape, the second floor needs some work, but is pretty cool.
Boiler back on (building empty, but professionally winterized, for 2 years), electric updated, now we are starting the plaster work, etc.
The units should rent for about 1100-1200 per month. I have an interested Section 8 renter for the first floor unit.