8015 S Ellis AVE Chicago, IL 60619

Very rare opportunity to purchase a brick 6-Unit cash flow machine in Chatham! Approved drawings and permits included at no extra cost! 3 of the units currently have 2-bedrooms and 1-bathroom and 3 of the units currently have 1-bedroom and 1-bathroom although the city approved plans entail converting the 2-bedroom units into 3-bedroom units and converting the 1-bedroom units into 2-bedroom units (large dining rooms)! Each 3-bedroom unit can rent for up to $1,561 per month for CHA/Section 8 voucher holders with 3-bedroom vouchers and each 2-bedroom unit can rent for up to $1,300 per month for CHA/Section 8 voucher holders with 2-bedroom vouchers - that's $8,583 per month in total monthly rental revenue! Looking for more cash flow? - Finish the basement then add two garden apartments for an additional $1,600+ in monthly revenue and $300,000+ in equity! The full unfinished basement has potential for 2 garden apartments, ceiling height meets legal requirement. 7920 S. Rhodes Ave sold in September 2019 for $870,000, this is an 8 unit with the exact same square footage and layout as 8015 S. Ellis, this investor decided to finish the garden units! Plenty of equity available at this purchase price, based on comparable sales the After-Repair-Value of this property is approximately $509,000. Want more equity? Finish the basement to create two garden apartments, this will increase your valuation by more than $300,000! This property needs a full renovation. Start your renovations immediately after closing with city approved drawings and permits included! Property is completely vacant! Brick 3 car garage included! Take a tour, bring your contractor by and make an offer, this one will not last long at this price! Showing Thursday, August 13th at 12pm, 1pm and 5pm!