East Randolph Street – Call Kristine 312-933-1894

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

Four bedrooms foreclosure at the 400 E Randolph is under Attorney Review

July 28th, 2010 · No Comments · Uncategorized

So after reducing the price from $399,000 to $374,900 in four days, the four bedrooms at the 400 E Randolph went under attorney review yesterday. I have been showing this unit to potential investors, but since they were not really ready, still in the thinking mood, we did not get a chance to offer this property.

The unit needs lots of work for sure but I think if you would like to spend around $75,000, this can be a very nice two units, I think it is better to split them and them to rent them out. As the rental income can be around $2,200 per two bedrooms unit in the building, that means you could get around $4,400 each month cash inflow. The assessment is around $1,700 and the tax would be around $600 per month, that means you will get a good cash inflow without calculating the mortgage, this means the tenants are helping with $2,100 each month with your mortgage payment.

I think no matter who bought it has got a great deal!

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