Thank you for posting a question.
If you do not already have a real estate expert who specializes in assisting investors assisting you with your search for an investment property, that is the best bet for you and should be your next move.
An experienced investment specialist will be able to provide you with specific data regarding recent rental prices and rates for properties in this building so that you won't have to be posting on random websites.
Let us know if you want some help - give us a call and we will put you in touch with one of our specialists asap.
Thank you again - and good luck to you!
Americorp Real Estate
Brokers Associate, e-PRO
Here are my numbers:
Asking list price $ 239,000
Interest Rate: 5% $500 per month for every 100k you borrow- (based on credit/ you could do arm which is closer to 3.85% if you qualify)
Loan Amount: $200,000 ( this could be lower based on down payment & actual purchase price) $ 1,000 plus association 650 + $ 1650 plus taxes $ 400.00 per month brings you to break even. Return on income, this is without any $$ down in the calculation.
You would also qualify for a number of tax benefits & write-offs, not to mention the increase in value of time of ownership if you are able to hold on to the unit long enough ie return on investment.
Please know there are many units in the chicago downtown market that offer better views & are competitively priced to this unit. I would love the opportunity to show you some!
Feel free to contact me at firstname.lastname@example.org & i can send you some listings Please know that I am not afraid of any well constructed glass or any other kind of sound real estate investment & YOU should not be either! It's the best market for buyers in the last 9 years :)
Please know that unlike in past years, 653 N Kingsbury and many other condos building in downtown are at price points where you can get some cash-flow from renting the unit. 1 bed plus den units rent between $2100- $2500 per month at 653 N Kingsbury. Depending on your purchase price you could get some cash flow. Please know that the building association dues cover heat, air conditioning, water, gas, parking, common Insurance, doorman, exercise facilities. For this reason, the association dues are a little higher.
If you are looking for a nice investment property downtown you would have to be sure that the association will allow you rent out the unit. Please know there are many short & long term considerations, buyers need to make when selecting the right unit for future investment needs in today's market place, most importantly how long you want to keep the property & whether you intend to ever live in it.
Feel free to contact me at 312-671-9207 or email email@example.com if you would like me to send you a copy of the current real estate data trends & investor specific questionnaire which helps investors calculate return on investment, return on income and tax benefits of owning investment property.
It is an attractive high rise designed by notable architect Lucien LaGrange. It has high assessments though. There are currently 6 active listings, 3 sales in the last 6 months (1 short sale and 1 foreclosure). 3 for rent and 3 rented in last 6 months. Check with your realtor if there are any special assesments being levied. If you don't have a realtor, please give me a call and I would be happy to look into it for you. I can also run rent vs monthly mortgage pro-forma to see if this is a good investment property.
RE/MAX VISION 212