4 unit in Chicago - first deal

[Ryan Redenius]

Hey all - 

I'm looking at multi-families in Chicago for my first deal and went to view this 4 unit on Saturday: https://www.redfin.com/IL/Chicago/3500-W-Cullom-Av...

All units are 2 bedrooms and current gross rent is $40,140 annually.  The upside is the rents are below market value and there's an additional revenue opportunity with the parking spaces (they say there's 7, but it looks more like 4-5, realistically).  Based on properties in the area rent could be increased to bring in btw. $50,400-60,000 gross annually with some small cosmetic fixes.

I've attached some screen shots on the numbers below.  These assume the rents are raised.  Would really appreciate any feedback given that I'm new to this as I'm sure there are some things I'm not thinking of that I should be.

Thanks in advance!

[John Casmon]

@David Zheng How else would you expect @Ryan Redenius to learn and know what to look for in his analysis? If he really thinks he has a hot deal he should lock it up first with a contingency to get out of the deal, but the forum is meant for him and others to better learn how to analyze a property. Better to lose your first couple of deals while you figure out what to look for than acquire a property based on bad assumptions.