Gold Coast Studio an Ideal Investment Property
1122 N. Clark St. #1002
In this market that continues to be advantageous to buyers, it could be the perfect time to make a purchase in a just-right investment property. An available Gold Coast studio is just that—a great unit for an investor to create cash flow.
Location: 1122 N. Clark, Unit 1002
Reduced price: $149,900
Assessments: $285 monthly
Perfectly located in the sought-after Gold Coast neighborhood, this unit would be a great investment in Chicago real estate. Senior Mortgage Consultant Tony DiConstanzo, analyzed some of the numbers to show how much cash flow this unit could create as a rental property:
| 20% down payment | 30% down payment | 40% down payment | |
|---|---|---|---|
| Loan amount | $119,900* | $104,900* | $89,900* |
| P/I, taxes, insurance, assessments total | $1,122 | $1,039 | $956 |
| Net tax benefit | $374 | $356 | $337 |
| Net payment | $748 | $683 | $619 |
| Rent | $1,000 | $1,000 | $1,000 |
Monthly cash flow | $252 | $317 | $381 |
*Numbers based on 30-year fixed rate at 5.25%
Using this Chicago condo as a rental property won’t be difficult for an investor. And the return on investment certainly beats the return you would get leaving your money in the bank. The Gold Coast is a highly desired neighborhood, and this unit in particular is one block from the train, groceries, nightlife, and very close to Michigan Avenue. The neighborhood is one of the city’s most walk-able, and the building itself is wonderfully maintained with a pool, exercise area, party room and doorman.
With floor-to-ceiling windows on the 10th floor, the unit is perfect for taking in the Chicago scenery year round and bringing plenty of natural light into the unit. It also has brand new paint and carpet. Many of these are features a renter wouldn’t find for an affordable monthly price among Chicago condos, so an investor would have no trouble getting a tenant into the unit to generate that extra cash flow.
This Gold Coast studio is a rare opportunity for a Chicago real estate investor. To learn more about this Gold Coast studio for sale and making an investment property purchase, contact Sheldon Salnick at (312) 498-5080 or by email at ssalnick@dreamtown.com.
