- Tenants pay all utilities except water and sewer
UNIT MIX
- Unit 1: 4 bed / 1 bath at $1,000/mo. Market rent $1,978/mo
- Unit 2: 1 bed / 1 bath at $750/mo. Market rent $1,005/mo
- Basement 1BR recently remodeled with new kitchen, bath, and living space
THE NUMBERS
Actuals
- Gross rental income: $21,000/yr
- Garage income: $2,400/yr
- Operating expenses: $5,572/yr
- NOI: $16,658
- Cap rate on price: 10.42%
Pro Forma at market rents
- Gross rental income: $35,796/yr
- Garage income: $2,400/yr
- Operating expenses: $7,051/yr
- NOI: $29,355
- Cap rate on price: 18.36%
WHY THIS ONE
The 4-bedroom unit is renting nearly $1,000 under area market. That single spread is the whole play. Rentometer shows 4 bed average rent at $1,978 within a 5-mile radius. Roll that unit to market at turnover and NOI nearly doubles without touching the structure. Brick building, low-maintenance shell, expenses already tight at $5,572 a year.
East Chicago sits about 20 minutes from downtown Chicago in Lake County, IN, with its own South Shore Line station. Rental vacancy runs near 5%, under the national rate. Steel, logistics, and refining anchor the local job base.
