Welcome to Chicago's Washington Heights neighborhood! Boasting 1, 830+ sqft, this brick 2-flat was lightly rehabbed in 2021 and includes spacious and separate living room & dining room, open concept kitchen with a large pantry plus an enclosed back porch. Property layout includes 2bds/1bth on the first floor unit and 2bd/1bd on the 2nd floor unit. This multi-family has tons of potential! Just needs the right touch of TLC. This is the perfect value-add for the right investor or **perfect for a FHA 203K buyer** who's tired of the traditional "cookie cutter" finishes. Great "house-hacking" opportunity: use your ideas to make this the perfect live-in property while generating income from the other apartments or use it as your investment property. Notable features include, updated bathrooms, kitchens and paint job throughout, all completed in 2021. The porch was redone in 2021 plus a new concrete sidewalk in the front (2021). Other notable features include a recently serviced boiler, fenced-in backyard, and a 2-car garage that just needs a touch of TLC. The roof was inspected 2 years ago and is in good condition, a portion of the roof was recently repaired. Both units are occupied by MTM tenants, each tenant pays below market value and are current on rent payments. Big cash flow and equity upside included in the purchase price! Renovated 2-units within a square mile radius sold for as high as $335, 000 within the past 12 months! Fully rehabbed 2-bedroom apartments rent for $1, 300/m on avg, within a square mile of the subject property (potentially higher w/ section-8). This will potentially yield a non-occupied buyer $31, 200+ in gross annual income! Achieve additional revenue by duplexing the full/unfinished basement or convert into in-law suite (there is basement access though the 1st floor unit). Other potential revenue streams include renting out the garage and/or adding coin laundry, the opportunities are truly endless! **Bonus upside: This property sits in an ADU zoned area** 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 rebuild a coach house in the backyard which the ADU ordinance also supports in the effort to achieve an even higher valuation and cash flow potential!. Conveniently located near schools, public transportation and expressway. Come see for yourself and make this 2-flat yours!
