Input on Cicero 4-5 flat investment please
Cicero rental property owners/investors, Please share your insight on this deal
I have 4700 W 20th St Cicero under contract for $245,000
- 2 units: 2 bed 1 bath + 11x6 sunroom
- 2 units 2 bed 1 bath + small porch
- 1 garden unit (studio)
-1 central radiator system, Hardwood throughout, Seller is making Cicero repairs.
- 1 unit needs new kitchen & new toilet & vanity & 1 wall of drywall.
- Windows are oigional with old aluminum storm windows some are broken.
| 4700 W 20th st | Market rate (conservative est) | Market rate Painted, Stainless | All rented competitivly priced including basement |
| 1st floor Front 2bd 1ba includes front porch | 900 | 900 | 900 |
| 1st floor 2bd 1ba with heated sunroom 6'11"x 11' | 900 | 900 | 900 |
| 2nd floor 2bd 1ba + front porch | Kitchen needs floor sanded, cabinets plaster, paint Bath needs toilet & vanity Porch needs drainage | 875 | 875 |
| 2nt floor 2bed, 1 bath heated sunroom 6'11"x 11' | 900 | 900 | 900 |
| Basement STUDIO | Egress windows drywall, 1 wall needs fixing | 500 | |
| Garage | $120 | $150 | $150 |
| Mortgage 260 for 3 units 270 for 4 units 280 for 5 units | -$1,248 | -$1,296 | -$1,344 |
| heat (heat & cooking) | -350 | -350 | -350 |
| Tax | -$635 | -$635 | -$635 |
| Water & Garb | -300 | -300 | -300 |
| Insurance | -$145 | -$145 | -$162 |
| Elec | tenant | tenant | tenant |
| Units Rented | 3 units | 4 units | 5 units |
| Monthly Cashflow | $142 | $999 | $1,434 |
If this were 2016, I know I would be overpaying. If this was in the middle of Cicero I'd expect it to be a sure shot. Every time I went there to view it, it was teeming with people looking at it. I think I only got it because I offered cash.. but I am afraid I overbid... thoughts?