East Randolph Street – Call Kristine 312-933-1894

222 Columbus Dr with the building name of Park Millennium was a rental building. The building was built in 2002 and converted to condo right after it. There were 80% renters in the building in the beginning. Then as owners started to occupy in the building, the ratio is getting better, but when we checked recently it is still 53% renter to owner occupancy rate. Since the Fannie/Freddie/FHA/VA guidelines is that renter to owner occupancy rate is no more than 50%, it is very hard for investors to get a loan in this building. Almost impossible since every big lenders has to follow the guidelines. Therefore maybe some very small banks could offer a loan to investors. Then the investors can only buy the units with cash only choices. I noticed the price is very good in the building but the catch is you have to pay all in cash which not so many people could afford to do. If you want to buy owner occupied, then you could find a lender who would be willing to finance you but you have to put down more than 25%. But still there are some good buys in there. There are studio, 1 bedroom, 2 bedrooms and 3 bedrooms units ranging between $199k to $1,090K. Let me know if you are interested in it.