5230 South Lockwood Avenue, Chicago, IL

About 5230 South Lockwood Avenue

GARFIELD PARK UNIQUE PROPERTY FOR A INVESTOR OR OWNER OCUPIED WITH 3 RENTAL UNITS TO LOWER THE MORTGAGE TO ALMOST NOTHING. THIS PROPERTY HAS 2 BUILDINGS WITH 4 LEGAL UNITS. 1 UNIT IS OWNER OCCUPIED AND HAS BEEN RENOVATED TO 90%. THE MAIN UNIT HAS 4 BEDROOMS 1 BATH WITHE THE 2ND FLOOR BATH ROUGHED IN READY TO BE FINISHED. KITCHEN WAS REMODELED A COUPLE YEARS AGO. THE BASEMENT UNIT IS ABOUT 80% RENOVATED 2 BEDROOM 1 BATH AND COULD BE FINISHED QUICKLY TO RENT OR RELATED LIVING. THE REAR BUILD HAS 2 UNITS WITH SEPARATE ENTRANCES THE UPSTAIRS UNIT IS 90% RENOVATED 2 BEDROOM 1 BATH UNIT AND COULD BE FINISHED QUICKLY TO RENT. THE LOWER UNIT IS ABOUT 50% RENOVATED 2 BEDROOM 1 BATH UNIT. WITH SOME CREATIVE SWEAT EQUITY THIS 4 UNIT IS A GREAT INVESTMENT ESTIMATES TO FINISH THE 4 UNITS ARE APPROX $70K AND AFTER REMODEL VALUE IS $700K - $750K. THE RENTAL ON THE 3 UNITS SHOULD BE APPROX 4K - 4.5K PER MONTH. ALLL 4 UNITS WOULD BE 7K- 7.5K. ALL UNITS HAVE SEPARATE ELECTRIC AND GAS METERS THE 2 REAR UNITS HAVE SEPARATE HOT WATERS THE FRONT BUILD SHARE THE HOT WATER HEATER IT COULD BE CHANGE TO SEPARATE. ALL WATER IS ON ONE BILL. ALL UNITS HAVE SEPARATE HEATERS NO A/C EXCEPT WINDOW UNITS. THE PROPERTY HAS BEEN OWNED BY THE SAME FAMILY FOR 40 YEARS AND DUE TO HEALTH CANNOT FINISH THE PROJECTS TO BRING THE UNITS BACK TO RENTABLE CONDITION, THE PROPERTY IS BEING SOLD AS-IS NO FHA OFFERS WILL BE CONSIDERED. CONVENTIONAL 203K OR CASH OFFERS. GREAT LOCATION CLOSE TO SHOPPING AND EXPRESSWAY GREAT RENTAL AREA.

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