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Mitch, Home Buyer in Bloomington, IN

Do you think that the price of that property is fair and that ir will go up in the future?

Asked by Mitch, Bloomington, IN Fri Jan 9, 2009

Hello,

I am interested in buying a multyfamily house (5bd and 5bth) in West Englewood for $24, 000. The house is located in the 60636 zip code. It is all 2 brick and needs some repair. I am planning to rent it out.

Could you also tell me how much in monthly rent I can collect?

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Answers

2
I have one listed close by as well and the tenants are paying $300 to $450.00 per unit depening on size.

If those numbers times 5 units give you a good ROI along witgh the anticipated vacancy rate and repair costs than you should buy it! Be prepared to spend a lot of time collecting and chasing rents.
0 votes Thank Flag Link Fri Jan 9, 2009
Dear Mitch,

The price is on the lowest end of the range of similar properties in Englewood. I have a rental listing in Englewood currently, and in my experience so far most two bedroom section 8 tenants have voucher amounts in the range of $700-$1000. Three bedroom vouchers in the same area are running at about a maximum of $1350. I would expect your market rate rentals to be near the same ranges.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
Web Reference: http://www.myagentchris.com
0 votes Thank Flag Link Fri Jan 9, 2009
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