Property Q&A in Evanston>Question Details

Chee1biz, Home Buyer in Evanston, IL

Hello, I am looking into an investment property and i found this 2 bed room condo at 1862 sherman ave #2NE.

Asked by Chee1biz, Evanston, IL Wed Aug 15, 2012

Here's my questions.
1. Is it possible to rent it out to students and how much will the monthly rental be?
2. What is the property tax for this condo unit?
3. What is the monthly maintenance charge?

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This question is about this property: http://www.trulia.com/property/3088745991-1862-Sherman-Ave-2…

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Answers

1
This is a co-op, not a condo.
1. The association does not allow rentals.
2. Property taxes are incorporated into the monthly assessment and run $1,420/yr
3. The assessment is $792/month, which in addition to taxes (not typical for a condo), covers the typical condo-types of items (common area insurance, etc.) as well as, atypically, the electricity (so you have no separate electric bill.) Also, co-ops have the advantage of being able to get a mortgage to finance building projects instead of levying a special assessment, so a portion of the montly assessment may also be deductible as mortgage interest.
0 votes Thank Flag Link Wed Aug 15, 2012
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