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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2
Victoria Wat…, Agent, Algonquin, IL
Fri Jan 9, 2009
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.
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Christopher…, Agent, Chicago, IL
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
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