Chicago - United States of America
A fantastic investment opportunity, this property offers annual rental returns of 8.92%* and is comprised of two single-family homes, originally constructed in 1916. The front house has 4 bedrooms, 3 bathrooms and a finished basement. The back house has 4 bedrooms, 2 bathrooms and a large, private fenced yard. The property includes an attached garage with 2 parking spaces, which is perfectly placed for families.
Neighbourhood`: Washington Heights
Washington Heights is located about 12 miles south of downtown Chicago and is a mainly urban neighbourhood consisting of primarily medium-sized to large single-family homes and small apartment buildings. Most of the residential real estate is owner-occupied and the home vacancy rates in this neighbourhood are one of the lowest across the U.S. There are various schools and at least 2 different train lines that connect the area through the city and surrounding areas.
Voted by Condé Nast as the best city in the US for the fourth year in a row, Chicago, with its vast green spaces and world-renowned architecture, is now taking the culinary world by storm with multiple world-class restaurants as diverse as the city itself. Centrally located in the US, its airport hub at Midway is fuelling the cities renaissance and growth.
Chicago is the third-largest city in the U.S., right behind New York and Los Angeles, a major world financial centre and home to the second-largest central business district in the U.S. Key industry sectors in Chicago include business and professional services, food industry, transportation and logistics, life sciences and healthcare, technology, and manufacturing. Much of the Housing Stock in Chicago was built prior to World War II, making it one of the older and more historic cities in the country. The architecture of Chicago have influenced and reflected the history of American architecture and Chicago’s buildings in a variety of styles by many important architects. Median household incomes in Chicago grew by 3% over the last year, while median property values increased by 11.9%. Median home sales prices in Chicago are projected to keep rising in 2021 and are forecasted to increase by 8.4% until 2022.
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This property has undergone a detailed inspection and has recently been refurbished. This, in addition to a built-in reserve for pre-sale renovations, positions the property for capital gains on exit of the investment.
The property is currently vacant and the area enjoys strong rental demand from families and professionals. It is expected a new Section 8 tenant will provide a long-term lease agreement.
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