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

The 2 bedrooms foreclosure at the 400 Randolph is still on the market

May 25th, 2010 · 1 Comment · Uncategorized

The 2 bedrooms foreclosure unit 3802 at the 400 Randolph is still on the market after the price reduced to $264,900. This is a combined two bedrooms unit, from two junior one bedrooms unit. I have seen the unit, it does not look in a very bad condition, just need some door repair, clean the carpet, new paint, maybe some work in the kitchen cabinet, otherwise, it looks good.

If someone wants to buy investment, say they pay $250,000 to get this unit, with 25% down payment, their total mortgage will be around $187,500, monthly payment based on 5% interest of fixed 30 year for $1,008, the assessment is $773, the property tax is $3,476 for 12 months, so each month is $290 per month, so the total expenses should be $2,070. The two bedrooms in the building listed for rent at $2,200 per month, so let’s assume that you could get a renter of $2,000, still make it even, that means the renter would help you to pay off the mortgage!

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