Hi Bigger Pockets Members in Chicago,

Its been a long two months but I'm cautiously optimistic that I just locked down a 3 flat over in Logan Square Hermosa with a https://www.redfin.com/IL/Chicago/2441-N-Avers-Ave...

Overall cost: 506,000

3.5% down+closing costs: Approximately $26,000

Monthly Payment (PITI): $3760/month

Cash on Cash Return: 23.5%

Estimated total updates: $55,000

Estimated Cash flow: $4200 / month

Estimated CAP Rate: 6.8%

Rents:

Unit G (2 bd / 1 ba): Current 900 - Raise to 1100

- updates include:

-Adding in-unit washer dryer

-update kitchen, pretty much need a new kitchen and new appliances.

-update bathroom

- paint

- add third bedroom after moving the water heaters and electrical to the other side of the basement in the back.

- estimated budget: $25,000

Unit 1 (2 bd / 1 ba): Currently unoccupied - Rent for 1400. Because this is FHA, this will be the one that my wife and I will live in. I plan on projecting this rent and pay this into the overall cashflow of the building as if I am renting from myself.

- updates include:

- replace a broken window

- add in-unit washer dryer

- remodel kitchen

- update bathroom

- estimated budget: $20,000

Unit 2 (3 bd/ 1 ba): Currently Owner Occupied - Rent for 1700

- updates include:

- update bathroom

- re paint to match the unit below - unifying paint colors across all units seems to be a good idea

- new door and closet in the third bedroom, currently configured as more of an open office

-estimated budget: $10,000

@PJ Kolnik  Hey PJ. I recently saw your Logan Square Avers post from 3 years back. You purchased for around 503 or something. In contract process for a property 2 blocks away. 3 unit for 650K with 80k down, building bring in 4800. Total rehab and turnkey.

Would you mind giving me any thoughts at all please.

Thank you very much for your time