3021 S Michigan Ave UNIT 304ChicagoIL60616
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Chicago at 3021 S Michigan Ave UNIT 304, Chicago, IL, 60616 uses $41,736 cash to close to unlock $1,163/yr annual cash flow and $97/mo monthly cash flow. Total monthly income runs $970/mo, and a $616/mo payment keeps the spread at $97/mo. Purchase price stands at $125,900, and rental yield measures 9.25% with $970/mo rent. Return on cash invested shows 22.7% in year one, and 5% annual appreciation builds toward $34,784 over five years. Five-year ROI reaches 118.75% and total cumulative return in cash records $49,560. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $970/mo property income covering a $616/mo payment rather than investor’s personal income.
Condo
Built in 1971
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 60616, Chicago, IL area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 27,617 (100%) |
| Owner Occupied HU | 8,535 (30.9%) |
| Renter Occupied HU | 16,441 (59.5%) |
| Vacant Housing Units | 2,641 ( 9.6%) |
| Median Home Value | $405,780 |
| Average Home Value | $465,159 |
Housing Distribution
Address Breakdown
Residential
23,897
Single Family
6,943
Multi-Family
16,954
Businesses
1,662
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