Home Buying in Edgewater>Question Details

Elad Federman…, Home Buyer in Chicago, IL

I would like to know the estimated vacancy rate of N Sheriden Road 1 bedroom condo apartment near Layola Univ. (higher floor with lake view)

Asked by Elad Federman (mr.), Chicago, IL Mon Oct 10, 2011

and more specifically an advise re 6171 N Sheriden Road ?
Since I'm thinking of buying it as an investment I would appreciate an advise on how much can I rent it for?
M a n y - T h a n k s

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Answers

7
Call the management office there
1 vote Thank Flag Link Mon Oct 10, 2011
I think you mean owner occupancy rate. THis building does allow rentals and I can send you the past listings so you can see the rents, but with the downturn in the market the past 5 years many buildings have imposed rental restrictions that can be a problem if you want to just rent it out.
Assessments can be high in this and all the sheridan condo buildings which can make the investment potential not so hot depending on how much of a downpayment you make.
Once you have a contract you will get all the details during the attorney review,but you also might be able to get the information from the management.
0 votes Thank Flag Link Mon Oct 10, 2011
i would like to review this in spread sheet form.. lots of info to cover if your investing.. my office. I would be representing you as your designated agent in the purchase.
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Mon Oct 10, 2011
Greetings Elad,

As mentioned earlier the management office may be able to provide some type of indication as per the vacancy rate. Ultimately, if you price the unit correctly it should rent. There is no correlation though between what your expenses will be - Principal and Interest (if you have a mortgage), Taxes, Assessments and what the potential rental income will be. Feel free to contact me with any follow up questions.
0 votes Thank Flag Link Mon Oct 10, 2011
Have your agent draw up all this information for you as well as recent rentals. If your not using an agent, go out and get one. This way you have someone to walk you through the buying process, at no cost to you. interview two or three agents, and go with the one you mesh best with.

Matt Laricy
Americorp Real Estate
708-250-2696
mlaricy@americorpre.com
708-250-2696
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Mon Oct 10, 2011
Hi Elad. I've represented clients in the purchasing & selling of condos along that Sheridan Rd corridor. Please e-mail me at mark@markbazzetta.com and we'll discuss the particulars directly.

Thanks,
Mark
Web Reference: http://www.markbazzetta.com
0 votes Thank Flag Link Mon Oct 10, 2011
If you are working with a buyers agent they should be able to provide you with that information. If you are not working with a buyers agent you should consider getting one. If any agents give you advice on this that are not workin with you they are opening themselves up to unnecessary liability. I doubt you are going to get the answers you desire.
0 votes Thank Flag Link Mon Oct 10, 2011
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