East Woodlawn is one of the fastest appreciating neighborhoods in the entire nation! This 2-unit is available for an absolute steal! There is so much upside for an investor looking to make a large profit or a homeowner looking to plant their feet in an area that will continue to aggressively appreciate for years to come! This solid 2-flat includes two residential units, a full walkout basement and a private enclosed back yard! Unit #1 has 3-bedrooms, and 1 full bathroom and Unit #2 has 4-bedrooms and 1 full bathroom. Updated 4-bedroom apartments can rent for $2, 000+ per month and updated 3-bedroom apartments can rent for $1, 700+ per month in this neighborhood! The strategy that will yield the maximum equity or profit margin will be achieved by converting this 2-unit into a legal 3-unit by digging down the large unfinished basement 3-5 inches and cooperating with the city of Chicago to improve the zoning from a 2 to 3-unit residential property. This strategy was effective at 6235 S. Eberhart which was sold in December of 2022 for $585, 000. The after-repair-value for non-new construction 3-units or 2-units with legal garden apartments is $570, 000, based on comparable sales within the past 6 months! With the right construction strategy there is an approximate $170, 000 - $200, 000 profit margin available! In 2020 the city of Chicago passed the Additional Dwelling Unit Ordinance which provides owners of multi-units with up to $35, 000 in funds in the form of a forgivable loan to create additional living space in the basement or attic! For more ambitious investors, there is also potential to dormer the attic to create additional living space or build a coach house in the back yard which the ADU ordinance also supports in the effort to achieve an even higher valuation ($600, 000+). For the traditional retail buyer that wants to convert this multi-unit into a single-family home, the approximate after-repair-value for this strategy is $700, 000+ based on comparable SFH sales! The retail buyer has the equity available to significantly invest in the conversion project and enjoy a great home with $100, 000+ in equity upon completion or an investor can enjoy an approximate $75, 000 - $150, 000 profit with the right construction strategy implemented. There are a plethora of new construction projects on Maryland Ave with many multi-units that have recently sold for a little under 1-million dollars each! A+ location! Walking distance from Washington Park, Minutes from the Lakefront, proximity to The University of Chicago, the Obama Presidential Library, Dan Ryan, Red Line and Jackson Park! Priced to sell so please act swiftly! ***This property is already hard money approved with our lender that requires 7% down and will finance 100% of the renovation***
