3021 S Michigan Ave UNIT 404ChicagoIL60616
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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 404, Chicago, IL, 60616 uses $39,780 cash to close to unlock $5,616/yr annual cash flow and $468/mo monthly cash flow. Total monthly income runs $1,712/mo, and a $587/mo payment keeps the spread at $468/mo. Purchase price stands at $120,000, and rental yield measures 17.12% with $1,712/mo rent. Return on cash invested shows 34.03% in year one, and 5% annual appreciation builds toward $33,154 over five years. Five-year ROI reaches 184.03% and total cumulative return in cash records $73,207. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $1,712/mo property income covering a $587/mo payment rather than investor’s personal income.
Condo
Built in 1971
N/A lot
$N/A/sqft
$412 monthly 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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Listed by: Jaime Navarro • HomeSmart Connect LLC
Mls Name: MRED as distributed by MLS GRID
Mls Provider:
Mls ID: #12214258
Disclaimer: Based on information submitted to the MLS GRID as of 2024-02-07 09:06:36 PST. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. [Click here for more information](/info/mls-disclaimers/#mls_17)