- List Price $319,900
- Price / Unit $159,950
- Property Type Two – Four Unit
- Units 2
- Current Rents $35,400
- Pro Forma Rents $48,000
- In Place NOI $21,998
- Projected NOI $32,320
- Target CAP Rate 6.5%
- Market CAP Rate 5%
- Today's Market Value $320,000
- Value w/Market Rents –
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 6
- 2
- 8276
- 1900
- 100%
- 2
- 2
- Forced Air
- Central Air
- Common, Paid
6
2
8276
- 1900
- 100%
- 6
- 2
- Forced Air
- Forced Air
- Common, Paid
About the property
An amazing investment opportunity now available! This 2-unit building boasts two spacious 3-bedroom, 1-bath units. With tenants covering gas and electric utilities, this low-expense property produces generous cash flow. Located in a desirable location this property is a safe investment that’s ideal for new investors or current investors looking to expand their portfolios.
About the neighbourhood
- Elgin, Illinois, is a vibrant city located along the Fox River, approximately 35 miles northwest of Chicago. Known for its rich history, diverse community, and architectural charm, Elgin offers a blend of urban and suburban living. The city is home to a variety of cultural attractions, including the Elgin Symphony Orchestra and the historic Elgin Public Museum. With a strong focus on education and recreation, Elgin features numerous parks, a well-regarded public library system, and excellent schools. Its revitalized downtown area boasts a range of dining, shopping, and entertainment options, making it an attractive place to live and work.
Municipality - Investor Guide
Elgin
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: N/A | Cost: - | Required: No | Required: Yes |
| Seller: N/A | Cost: - | Cost: $0 | Cost: Varies |
| Notes | |||
| A pre sale inspection is required if violations on the property exist. | |||
For a list of all Municipality requirements visit our Municipality Requirements Page
Property Documents
Property Financials
View current and future return metrics based on customizable inputs. "Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.
Property Current
This column shows the current financial state of the subject property. Some of these inputs may be estimations.
Year 2 Pro Forma
This column is based off of market rents and assumes proper property performance.
Debt Service
This column allows the user to add custom financing scenarios.
Mortgage Calculator
- Down Payment
- Loan Amount
- Monthly Mortgage Payment
- Monthly Property Tax
- Monthly Property Insurance
- Monthly HOA Fees
Utility Table
Total Yearly Utitlity Cost: $2,640.00
*This Utility Table does not include snow removal or lawn care costs, if any. For more details on snow/lawn expenses, see the "Expenses" attachment located under the "Property Documents" section.
Property Taxes
| 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|
| Tax Amount | $0.00 | $4,992.32 | $4,767.50 | $4,627.76 |
| YOY Tax Change ($) | -$4,992.32 | +$224.82 | +$139.74 | +$140.14 |
| YOY Tax Change (%) | -100.00% | +4.72% | +3.02% | +3.12% |
| Current Assessed Value | $63,574 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $13,625 | Assessed - Improved | $49,949 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
Avolio Glasswerks Studio (0.75 mi)
-
PFC Natural Grocery & Deli (0.76 mi)
-
Eastwood Branch of Kalamazoo Public Library (0.78 mi)
- Education
-
Learning Village (0.18 mi)
-
Comstock Co-Op Nursery (0.24 mi)
-
Kalamazoo Regional Educationl Srvce Agncyklmzo Rsa (0.41 mi)
- Food
-
East Main Food & Beverage (0.06 mi)
-
Lil’ Fish Dock (0.15 mi)
-
Shop & Save (0.11 mi)
- Health & Medical
-
Eugenia Cole AVON Independent Sales Representative (0.11 mi)
-
McDougal Dental (0.39 mi)
-
Muiznieks Valdis DC (0.41 mi)
Contact Information
- List Price $319,900
- Property Type Two – Four Unit
- Current Rents $35,400
- In Place NOI $21,998
- Target CAP Rate 6.5%
- Today's Market Value $320,000
- Price / Unit $159,950
- Units 2
- Pro Forma Rents $48,000
- Projected NOI $32,320
- Market CAP Rate 5%
- Value w/Market Rents –
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
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